"Through a mail out to its 7000 members, the [Soldiers Point Bowling] club received 160 expressions of interest," said Mr Grugeon at Monday's official launch of the 100-apartment project known as Greenside.
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"This suggests to me that there is a local demand for senior housing ... retirees wanting to downsize and in the process of releasing their family home they are providing other families the opportunity to purchase their first home."
Mr Grugeon has formed a joint venture with the bowling club to develop 1.8 hectares of adjoining land, offering over-55s a sense of security and access to the wider Port facilities.
Club board president Jim Richardson said the development would allow the bowling club to become self reliant and secure its future viability.
"Bowling clubs are looking for new ways to remain viable ... this development has been 10 years in the planning process so we are extremely happy to finally reach this point."
Greenside will comprise 100 two- and three-bedroom apartments, with swimming pool, hall and large open space.
The first 26 apartments - ranging in price from $360,000 to $390,000 - are expected to be completed by November 1.
Port environmentalists claimed that bulldozers clearing the site in February had severely impacted on the koala habitat.