Nifsan, the developer behind the $1bn Emerald Lakes development in Carrara is pushing hard to have some of the waterside portions of the suburb renamed to “Carrara Waters”. Member for Gaven, Dr Alex Douglas, is seeking further consulation on the matter before deciding to back to the change – thus far, community responses have been mixed.
After an extensive search, Japan-backed local developer Nifsan have chosen Adelaide development company Urban Construct as to assist with the next stage of the $1bn Emerald Lakes project.
The $250m mixed-use waterfront precinct will include around 300 apartments, as well as extensive commercial space. The move also underlines Nifsan’s commitment to the completion of the project and represents Urban Construct’s first foray outside of their home state.
The Harbour – a $200m stage in Nifsan’s $1bn Emerald Lakes development is will comprise 258 luxury waterfront apartments, as well as 4100sqm of retail space – including a supermarket, tavern and health club. Spread over four European-style buildings ranging up to 10 stories in height, it is the most ambitious stage in the development so far.
As a result, the Gold Coast-based developer is seeking an experienced joint venture partner to assist with the completion of the project. Currently in negotiation with a number of potential suitors for the 3 year project, Nifsan have intimated that the stage will only go to the market when a partner is found.
Hot on the heels of the news that Robina Land Corporation was selling their (sizeable) remaining assets in the suburbs, a story broke on the weekend along similar lines in Carrara, with the news that Nifsan, the developer behind the $1bn Emerald Lakes project was set to do the same.
Tales of Nifsan’s demise, it seems, have been greatly exaggerated and according to sources close to the developer, management has been angered by the suggestions in this weekends’ Gold Coast Bulletin that the project was being “dumped”.
While it remains likely that Nifsan will take on joint venture partners for the future stages of the master-planned development – or sell off remaining building sites, the company has no plans to sever it’s connection with the development.
All stages currently under contstruction will be completed, with the mixed-use French Quarter due for completion late 2009/early 2010. Porto Grande, the next stage planned – comprising of waterfront apartments laid out along the development’s two ‘finger wharves’ may even commence construction as early as this year, with talks continuing with a possible JV partner.
