Diamond City developer Davenport Homes is looking to sell its waterfront city proposal, the first time the developer has sold a residential property.
The company has put the project on hold for now, saying it has “had some ongoing discussions” with the city about whether it could move forward with the $200 million project.
“It’s a very challenging project, we’re looking to make some progress,” developer David Daventon said.
Davenport said it had “had ongoing discussions with the City of Diamond City about the viability of the project”, which it was seeking a zoning approval for on its site at the mouth of the River at the intersection of Bayview Avenue and Macquarie Street.
The developer is also looking to redevelop its former Diamond City Shopping Centre site.
“We have a great deal of interest from the community,” Mr Davenman said.
“But at the moment we’re not quite at the stage where we want to proceed.”
Mr Davenon said it was the first development project he had worked on in more than 15 years, but said it would not be the last.
“There’s no doubt that we’re in a very competitive market for residential developments,” he said.
The City of Sydney is the main developer of the waterfront site.
The project is due to open in the late 2020s.
“If we’re able to make this happen it will certainly be the most significant residential development in the harbour since the completion of the Diamond City shopping centre in the mid-1990s,” Mr Matera said.
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