Brisbane based Habitat Development Group has turned the first sod at their $83 million Market Lane Residences within the new Maroochydore CBD project.
Located at the Mundoo Boulevard entrance, Market Lane Residences comprises 146 spacious two- and three-bedroom apartments elevated across 14 levels over two towers. Six SOHO (small-office-home-office) townhouses along with retail will make up the ground floor.
Habitat Development Group director Cleighton Clark said he was pleased to be able to commence construction after the original project timeline was delayed due to Covid-19 restrictions.
“Covid-19 is creating lots of disruption through the economy, but we’re looking at our investment in the future city centre as a 5-10-year investment. Covid-19 could be with us for many years, but our philosophy is that life goes on and you can’t sit idle forever. We’re very excited to be commencing the first residential buildings today.
“We’ve taken the time over the past few months to ensure all the necessary safety precautions are in place in the event of a second or third wave of Covid-19 in Queensland. We are very confident in our ability to manage these safely and effectively during construction of the project if that occurs.
“Our sales enquiry has been very strong and has rebounded to pre-Covid-19 levels while vacancy rates are back to historically low rates across the Sunshine Coast also. We need to make sure the economic fallout from this crisis is managed carefully and commencing projects like this can help provide economic stimulus at a much-needed time for the Queensland and Sunshine Coast economy. Once fully underway, the project will create 300 new jobs which is a significant boost for the region,” Cleighton said.
Mr Clark praised Sunshine Coast Council and SunCentral Maroochydore for their vision for the Maroochydore City Centre.
“It’s an exciting, world class precinct, the Sunshine Coast is one of the fastest growing regions in the country and we see a long term period of growth, in particular the new CBD over the next 10 years. For that reason, we’ve established a new Sunshine Coast office on Plaza Parade opposite our Market Lane project.
“We’re a privately owned business based in Brisbane and being privately owned, we can invest in these sorts of opportunities with the long term in mind without getting caught up in short-termism or short-term fluctuations. Since we commenced 15 years ago, we’ve always based our strategy with the best long-term results in mind, and the Maroochydore City Centre is a precinct we think has tremendous potential,” he said.
Sunshine Coast Mayor Mark Jamieson said he was looking forward to seeing the Habitat team commence construction at Market Lane.
“I commend Habitat Development Group for their foresight and enthusiasm in embracing our vision for the new Maroochydore City Centre. This project will provide a new accommodation option for some of the thousands of people who will ultimately work in the Maroochydore City Centre.
“Having people live close to where they work in our new city centre adds to the vibrancy and activation of the city core, which is an important and attractive feature of some of the leading cities across the globe.
“From an economic point of view, the commencement of the Market Lane project next month comes at an important time as the region starts to make its way through the recovery phase of the Covid-19 pandemic, by creating new employment opportunities for local tradespeople and suppliers,” Mayor Jamieson said.
SunCentral Chief Executive Officer John Knaggs said it was important to have construction commence on site as the first commercial building within the CBD, Foundation Place, is due for completion in late September this year.
“It’s a significant shot in the arm for the project, particularly as we emerge from the impact of Covid-19 and it also reinforces our urban design and planning principles to create a vibrant city centre,” Mr Knaggs said.