Businesses along Sydney’s new light rail line are beginning to see the light at the end of the tunnel, with architects named for a new $1 billion retail and residential tower on George Street.
Mirvac and Coombes Property Group on Thursday named architects Ingehoven and Architectus to design Sydney’s newest residential skyscraper at 505-523 George Street.
The $1 billion development means more than $3 billion of private sector development is now planned or occurring along George Street, and the Sydney Business Chamber says credit for this urban renewal must, “in part,” be given to the CBD and South East Light Rail project.
The project has received heavy criticism from businesses along the route, who have suffered reduced foot traffic and revenue figures due to hoardings along the road as construction work takes place in multiple sections.
“Despite the inconvenience, business is seeing beyond the hoardings to a reimagined George Street as a major new boulevard of Sydney,” Sydney Business Chamber executive director Patricia Forsythe said on Thursday.
“From Circular Quay to Central Station, urban renewal is underway due to the uplift in land values and the impact the light rail network has on the urban amenity of the city.”
Forsythe said the renewal painted a fresh future for George Street beyond its key role in the commercial heart of Sydney, as a “major destination-street” that will stimulate the local economy and expand the city’s reputation as a retail mecca.
“The private sector is demonstrating confidence in the Sydney economy off the back of major transport projects,” Forsythe said. “Sydney will have its version of international shopping and restaurant strips, like Bond Street in London or Rodeo Drive in Los Angeles.
“The city centre has always been a major drawcard for international and local visitors, shoppers and workers, and with its ongoing transformation, the attraction to the CBD will flourish.”
The CBD and South East Light Rail project will deliver a 12-kilometre, 19-stop route from Circular Quay along George Street to Central Station, through Surry Hills to Moore Park, then to Randwick and Kingsford.