PROPERTY developers have signaled renewed confidence in the Nelson Bay CBD with two multi-storey apartments on the agenda.
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In the past week one developer has taken deposits for eight apartments set for construction this year while the other hopes to follow suit with plans before Port Stephens Council.
The market has remained largely dormant for the past 10 years but the apartments could deliver the area’s retailers and service providers the boost they’ve long called for.
Rod Salmon has moved ahead with the long-vacant Church Street site that was to be the Milan Towers.
Port Stephens Council reviewed Mr Salmon’s development application in December and has requested a modification to the plans.
In the meantime he’s begun to market the apartments using virtual reality headsets in a pop-up stall at Salamander Bay Centre.
Mr Salmon said he had taken non-contractual, first option, holding deposits on two penthouse apartments last Thursday worth $2.1 million and $2.4 m respectively.
All up, he and the architect Mark Edwards had taken deposits on eight apartments as of Friday.
“Council has asked us to push back off one boundary so we’ve redesigned one of the apartments to suit,” Mr Salmon said.
“We had hoped to get it through in December, hopefully it will be back before council in February. We plan to start in April with a building construction agreement subject to [development application] approval.”
The other six storey project at 65-67 Donald Street is in the final stages of a public exhibition period through Port Stephens Council.
“The market has moved in recent times,” Nelson Bay Developments director Silvano Frassetto said.
“We’re not competing [with Church Street] we’re just an alternative. They’ve made some sales so that’s certainly encouraging for us.”
The building heights have raised concerns for some.
“It’s up to the community to say if it’s right or wrong but for the chamber it’s good to see this confidence,” Tomaree Business Chamber president Ryan Palmer said.
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