REVEALED: Reasons behind three-year delay for Rocky units
ROCKHAMPTON Regional Council has granted one of the city's newest river front apartments a two-year construction extension because of the $3.5 million economic benefits set to be injected into the region.
In yesterday's Planning and Regulatory meeting, councillors were recommended to extend the development period for the $8 million Skyview apartments from three to five years after delays set back the developers.
The unique 12-unit complex on Victoria Pde was approved by council in June 2014 but only rose from the ground late last year.
In an email explaining the depth of the situation, managing director of Statewide Property Group, Stephen Schravemade outlined the difficulties of getting the development out of the ground.
Mr Schravemade said in the two years following approval, the "climate of property development over this period had been severely impacted by the downturn in the mining industry and associated issues”.
After being knocked back by major banks, the project was scaled down slightly to meet the market. The new design was approved by council in July 2017.
Mr Schravemade said funding criteria was met in September but "eleventh hour” changes delayed project commencement. It was given the green light by a different bank in November, allowing work to begin a month later.
"Projects like this are crucial to the local economy and we are proud to be engaging the local construction industry throughout the project,” he said.
Economic benefits of the development were also discussed as 80 per cent of the project supplies would be sourced with the Rockhampton region, valued at $3.5 million.
The project is set to be finished by October with more than 50 jobs available in the construction stage.
Councillors agreed the development met the eligibility criteria for the extension and a 50 per cent reduction in infrastructure charges, valued at $45,000, was approved.
A refund of the $6,325 development application fee was also approved by the committee.
The decisions are still pending final approval at a general council meeting next week.