A plan by Australian casino operator Crown Resorts to build the country’s tallest tower has been thrown into disarray after the Victorian state government rejected an application by Crown and its joint venture partner, the Schiavello Group, to delay construction.
The AU$1.75 billion One Queensbridge project – to be located on land adjacent to Crown Melbourne and stand 323 meters high – was originally given the green light in 2017 on the condition that construction must commence within a two-year window.
But having failed to seal the necessary funding in time, Crown and Schiavello applied to the government on 20 February 2019 for an extension to the commencement date for construction.
In a Monday announcement, Crown said it has since been “informally notified by the Victorian Government that an extension to the construction commencement date for the proposed One Queensbridge project has been denied. No formal notice has been received from the Victorian Government but it is expected shortly.”
“As previously announced, the project was subject to obtaining financing arrangements that were satisfactory to Crown and Schiavello. Unfortunately these arrangements could not be achieved before the construction commencement date under the planning approval.”
Crown, which noted that it still owns a 50% interest in the adjacent land, said it will now “consider the next steps” for the property in conjunction with Schiavello.
If built, One Queensbridge will feature 708 high-end residential apartments and a six-story hotel.
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