A partnership between Mirvac Group and Coombes Property Group kicked off preparations for a plan to develop a mixed-use apartment project at 505 George St. in Sydney, which could be worth over A$1 billion, The Australian reported.
The plan is to build what would be one of the tallest apartment buildings in the city that will likely set a new benchmark for apartment developments, the March 14 report noted.
As part of the preparations, the pair commissioned a design competition to find the architectural firm that will draw the plan for the project, which will be built on the 4,308-square-meter site that Coombes Property bought from Challenger Financial Services in 2009 for A$85 million. The paper added that the site carries approval for a 260-meter structure.
According to the publication, Mirvac may seek capital partners for certain components of the proposed integrated development.
