A RECORD $2.8 billion worth of residential, commercial and hotel development was approved by the Central Sydney Planning Committee in 2014, including the $660 million AMP Circular Quay Precinct and a $530 million suite of projects as part of the Green Square urban renewal area.
Sydney Lord Mayor Clover Moore said the 20 development applications approved by the Committee in 2014 would help increase residential and commercial floorspace, while also creating new jobs and attracting investment to Sydney.
"This record year of private investment and development comes ahead of work beginning on the extension of the light rail network. The City has committed $220 million to this project, which will be the biggest change to Sydney's transport in generations," Cr Moore said.
"The light rail project will give Sydney a world-class main street and support new flagship retail outlets, premium-grade office buildings, and cafés and outdoor dining. We're already seeing businesses flock to George Street in anticipation of the benefits it will bring."
Other developments approved last year by the Committee, which determines major development applications with an estimated cost of more than $50 million, include the University of Sydney's $97 million stage-one campus master plan and a $100 million hotel-residential development on Kent Street.
Two residential developments that will be over 230 metres high were also approved. Chinese developer Greenland received permission for a 235-metre tower with 490 apartments on the corner of Bathurst and Pitt streets. At 505-523 George Street, the Committee supported a 260-metre residential tower, designed by Crone Partners.
At Green Square, the $530 million worth of projects approved by the Committee in 2014 included a $142 million high-rise building. In the next four years, an estimated 10,000 apartments will be built at the 278-hectare Green Square precinct and the area will become home to 54,000 residents and 20,000 workers.
"To make sure Green Square has the infrastructure and community facilities it needs in the future, the City has been carefully planning ahead and setting aside money. We will invest $440 million in building a new town centre, a plaza and library, a new aquatic centre, a new childcare centre as well as parks and playgrounds," Cr Moore said.
The Central Sydney Planning Committee has seven members, including chair Lord Mayor Clover Moore, Councillors John Mant and Robert Kok, and NSW Government representatives Gabrielle Trainor, Carolyn McNally and NSW Government Architect Peter Poulet.
Image 1: Artist's impression of the proposed Greenland Centre development at the corner of Bridge and Pitt streets, Sydney / Greenland Group.
Image 2: Artist's impression of proposed development at 505-523 George Street, Sydney / Crone Partners.