The transformation of Penrith’s City Centre into a bustling metropolis is one step closer following successful negotiations to develop a prime parcel of Council-owned land.
Councillors unanimously resolved last night to enter into a project delivery agreement with Frasers Property Australia (Frasers) to build a towering urban precinct on the Union Road car park site.
The proposed development will feature six high-rise residential blocks, ranging in size from 17 to 34 storeys, and 1,406 apartments.
Under the landmark development, Frasers must also integrate five levels of public parking, offering a minimum of 1,434 spaces in addition to required residential parking.
Currently, the 1.94 hectare site provides 631 at-grade public parking spaces, 459 all-day.
Penrith Mayor John Thain said extensive community consultation had lead to this moment.
“The community told us that they want bold and innovative ways to change our City Centre, we’ve listened and today’s milestone moves us one step closer to delivering on that vision,” he said on Tuesday.
Discussions began late last year after Frasers, a leader in sustainable development, was chosen as the preferred proponent.
As part of the deal, Frasers must also deliver complementary retail space, a childcare centre, public plaza, landscaped community spaces, as well as take on the development risk and be responsible for all costs relating to the delivery of the project, and obtain approvals.
“It’s important to remember that while this phase of negotiations have ended there’s still a long way to go,” Cr Thain said.
“Frasers need to refine their concept and prepare a planning proposal for which there will be extensive community consultation.”
The next steps include seeking approval to amend planning controls to increase density and height restrictions to allow for the buildings, which will be the tallest in the city and could reach up to a staggering 110 metres.
To offset any parking loss during development, Council will reallocate funds towards other parking projects within the City, and provide a further 1,000 additional parking spaces through work already underway at North Street, Soper Place and a lease agreement with Penrith Paceway.
The project is expected to be completed over 12 to 18 years, following planning approval.
Alena Higgins is the Weekender’s Court Reporter