Council’s Economic Development and Tourism Committee has moved to increase the existing $50m stimulus package by $47.5m.

The initial package included $25m for redevelopment of the Surfers Paradise foreshore, as well as over $12m for roadworks and $4.5m for bikeway construction.  The additional $47.5 is slated for the ongoing development of the Southport Broadwater Parklands.

The package, designed to stimulate economic activity and provide jobs, is made up of a number of projects all of which are ready to proceed, subject to budget approval.

KordaMentha, who several months ago took over as recievers of embattled Raptis Group’s Southport Central project have announced the completion of structural works on the third, and final, main tower of the development.

With only internal works to be completed in the upper levels of the tower, it is likely that Tower 3 will be open in the first quarter of 2009.

With 199 apartments still available, the remaining challenge it to see the project’s remaining stock sold.

Workers are back on site at Raptis Group’s Southport Central development today, after a tumultous week which saw receivers take over the project.

With just eight storey’s left to complete the third and final tower, it is believed that up to 400 out-of-pocket suppiers and contractors have been paid at least half of what they are owed, with the balance to be paid out shortly.

With around $700m in debt to repay over the next year, $300m of which needs to be repaid in the near future, trading in Raptis Group shares will remain suspended for a further 2-4 weeks, as the Group tries to sell off assets and find joint venture partners.

Officially for sale are the Sheraton Mirage and Midwaters, a small unit block – both in Main Beach.  However it is understood that the Group would also consider offers on the Holiday Inn and a vacant block of land next to the Gold Coast International Hotel in Surfers Paradise.

Additionally, Raptis are seeking a joint venture partner for the Surfers Paradise Hilton project, as well as the redevelopment of the recently-acquired Iluka building on the esplanade in Surfers Paradise.  Whilst a JV is believed to be the company’s preference, an outright sale of Iluka would likely be on the cards as well.

Work is likely to remain halted on the Southport Central Development – which went into receivership last week at the behest of the project funder, Capital Finance Australia – until at least Tuesday, as workers and suppliers seek assurances that they will be paid in full.

Workers and suppliers have walked off Raptis Group’s Southport Central site today following the appointment of receivers to the several subsidiaries debt-laden company.  The walk-off today follows similar action from contractors at the Group’s Hilton Surfers Paradise construction site.

Over the past few weeks there have been concerns about Raptis Group’s ability to service in excess of $700m worth of debts.  At this stage, management have requested that shares be suspended from trading for two days in anticipation of a refinancing arrangement.

After around two years of design work and consultation, Gold Coast City Council have released plans  for Stage 1 of the Southport Broadwater Parklands Redevelopment.  You can view the plan in PDF format by clicking here.

The $32 million first stage encompasses the middle third, and what is expected to be the most heavily used area of the Parkland which extends from opposite Australia Fair Shopping Centre north to Railway Street.  The construction process for this stage is expected to last for the next twelve months.

Overall, within this redevelopment, Council will be incorporating:

1. a new swimming enclosure
2. children’s play spaces
3. a ’boutique’ skate facility
4. a network of pathways and promenades
5. a range of boating facilities including a new Pier
6. open fields and plazas
7. hard stand and car parks that are designed to function as a marshalling zone for triathlon and marathon events
8. a large green terrace which forms a natural amphitheatre for outdoor performances

It is also expected that there will be the addition of some extra commercial space, in a similar fashion to Brisbane’s Southbank Parklands.  In addition to the recreational amenity, Council also plan on using the new parkland for major sporting events including the Gold Coast Marathon, Pan Pacific Games and World Championship Triathlon.
Timeframes for stages two and three are not finalised as yet, but details will be posted as they become available.

With the Parkland Redevelopment, Council are hoping to reconnect the Parklands to the city, and whilst construction noise and traffic may be a slight inconvenience during the redevelopment process, the practical and aesthetic improvements to the area will likely have a positive effect on property values in the vicinity.