THE Queensland Government last week announced it has terminated the proposed ASF integrated resort development on the Gold Coast Spit and will move forward with a community-led master plan.
Premier Annastacia Palaszczuk said the decision was based on ensuring the best long-term solution for the Gold Coast that preserves the character of the area for future generations.
"What the Spit really needs now is a master plan to revitalise it and increase its benefit to the Gold Coast as a community asset," Ms Palaszczuk said.
"To be clear, this is not a decision that rules out a future Integrated Resort Development on the Gold Coast."
ASF had been working with the Queensland Government, City of Gold Coast and other key stakeholders on the project following a tender process that started in 2014. The project was to include a casino, waterfront piazza, multiple five and six star hotels, restaurants, retail precincts, serviced residences and conference facilities.
In a statement to the stock exchange last week, ASF said that after winning the government's international tender process and over four and a half years of proposals, planning and public consultations, it was extremely disappointed and surprised by the sudden decision to terminate the process.
"Over the coming days ASF will undertake appropriate next steps in seeking a suitable and equitable conclusion to the matter," the company said.
Deputy Premier and Minister for Infrastructure and Planning Jackie Trad said the master plan process would ensure the best outcomes for the community.
"The masterplan that we're committing to deliver today ensures a future for the Spit which is in accordance with Gold Coast Council's planning scheme, including the three-storey height limit," Ms Trad said.
"It helps get the balance right between protecting environmental and community values and allowing appropriate commercial development."
It is expected the master plan will take 18 months to complete. It will be undertaken in collaboration with Gold Coast City Council and the Gold Coast Waterways Authority.