The Cremorne Plaza Deadline passed without an explanation. A year has passed us by since the State Government’s Development Assessment Commission approved a 7 storey development in Unley Road.
Many in the community thought approval by the DAC last year meant development was a fait-accompli. We saw business tenants move out and at least one nearby resident selling up.
All because this thing was a done deal.
The time to start having lapsed means the development will require a new approval. This if pursued will be a costly, time consuming exercise for the Developer.
Why has this happened? Is this just an aberration or is it a sign the project is dead. Is the site maybe a candidate to be another Le Cornu site.
The first thing to recognise is the approval was only against the City of Unley Development Plan. Building Rules consent is also needed and this has yet to be applied for. Applying for building rules means preparing detailed drawings and engineering. This is well beyond what was required to obtain planning consent.
The investment in time and/or money is such that they first would want to know they have financial backing for the development. This requires testing the market. Financial backing usually comes only after the developer can show an 80% pre-sale commitment.
With this in mind all we know right now is the deadline has passed. It may mean that the developer is not ready to proceed with the development (yet). It may mean on the other hand the market is not ready for such a development. Having said that high rise is being seen elsewhere as appropriate to today. It may mean from a high rise point of view that this site may simply be the wrong site.
We may not know the answer for a while yet.
So while the Cremorne Plaza Deadline passed it does not mean it won’t proceed, sometime in the future.