Westfield, the driving force behind the $1bn Coomera Town Centre project has indicated that it’s development application will be lodged with Council after mid-2011. Myer, one of the key tenants has already announced that it would like to be operating by 2013.

Designed as a transport hub, as well as shopping destination, the 150+ store centre will be built near Coomera Train Station on a 35 hectare parcel of land on Foxwell Road.  If the DA is lodged next year, construction could be underway as soon as 2012.

Having finalised the purchase of a 1.15ha block of land between Christine Ave & Lake Orr, Council are preparing to build the Varsity Lakes Sportshouse.  The community facility will be made up of a two-storey building as well as a boatshed, viewing deck and other amenities.

Site preparation is slated for September with the building and much of the landscaping completed by March 2011.

In the wake of last years’ $90m economic stimulus package, Council’s Economic Development & Tourism Committee is considering further measures to support the local economy, in particular the construction industry.

17 projects, worth up to $314m are under consideration for fast-tracking – with availability of funding a major factor determining which will get the green light. The projects include the Evandale Cultural Precinct and Cavill Mall redevelopment as well as various road, bikeway and greenspace options.

While construction of the Gold Coast’s Rapid Transit project isn’t due to commence until November of this year, and completion remains as far away as 2014, commentators and industry insiders are already discussing the positive impact the project will have on real estate values along the Parkwood to Broadbeach route.

Many agree that prices are unlikely to jump overnight, but a gradual increase of 10% or more is expected, with even greater gains for developers amalgamating sites close to the new transport hubs that the project will create.  Already, a developers are sitting on a number of sites near the Gold Coast Convention Centre, and the project’s initial Broadbeach terminus, with hopes of large future capital gains.

A draft master plan has been submitted for a cultural precinct at Evandale.  The precinct would include a performance theatre, art gallery, drama theatre, discovery centre, and and events terrace similar in size to Brisbane’s King George Square.  The plan also includes approximately 1200 car parking spaces, including 800 underground.  A refined master plan is expected to be brought before Council in September.

The Gold Coast City Council have received close to 4600 development applications over the past 12 months – including a 20% increase in the number of major Material Change of Use (MCU) code applications over the period.  Council claim that of these 95% were processed within legislative timeframes – as were 85% of MCU impact assessments.

Over past 12 months, 4450 applications were declined.

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.

Following recent financial difficulties, developer Fish Group has decided to sell off Hope Island’s Marina Quays Town Centre site.

Paul Smerdon, the company’s development manager commented to the Gold Coast Bulletin on the sale, “It appears there is demand for that particular asset (and) it’s no secret we don’t have the financial ability to build the town centre at the moment.”

The 6.8 hectare parcel for sale consists of five smaller sites in one line, and was originally slated for a Woolworths supermarket, medical centre, private school and numerous retail outlets and commercial offices.  Fish Group are hopeful that  a larger, more experienced developer will take the site off their hands, and allow them to continue their restructuring.

The Gold Coast’s Rapid Transport System is another step closer, with Transport Minister Anthony Albanese reinforcing the Federal Government’s commitment to the project.

This move has seen over $110m worth of roadworks contract go out to tender, and added further credibility to the project’s 2014 completion date.  Within it’s first decade of operation, the new light rail system is planned to generate around 6300 jobs (directly and indirectly) as well as cutting the Gold Coast’s greenhouse gas emissions by over 110,000 tonnes.

Since being frozen – along with the other assets in City Pacific’s First Mortgage Fund over two years ago, new fund manager, Balmain Trilogy have sold the 11,000sqm beachfront Pacific Beach site to a Chinese-back developer for $81.8m.

The developer, Ridong (Gold Coast) Development, has now settled on the purchase and are reported to already be working on plans for a twin tower development for the Surfers Paradise allotment.