A series of massive towers are being built in Sydney’s CBD in an attempt to bring more skyscraping to the city.
The new developments include the City Development Corporation’s new Sydney Towers, which are taller than the buildings that surround it.
The developer says the towers are to be built to accommodate more than 100 luxury condominiums.
“The Towers will be the largest office towers in the city and they will provide a major boost to the local economy and contribute to the development of the City of Sydney,” said the city’s chief executive, Richard Tovey.
Sydney Towers is a tower project that will be completed by 2021 and is expected to generate $1 billion of tax revenue for the city over the next four years.
It will also see more than 40 apartments built in the new towers.
But in a new report, Sydney Towers developers and the city council claim the project is not sustainable.
It’s a ‘mismanagement of city’ It is claimed that the project’s planning approvals are “mismanaged” and the plans for the towers will be “uneconomic”.
“The towers will generate substantial and permanent economic activity in the City for the benefit of the residents, staff and businesses of the CBD and surrounding areas,” the report states.
The report comes just days after the city announced it had reached a landmark deal with developer BKM Partners to build an office complex in the area.
It was the first major development in Sydney in nearly two decades and it has now brought the city one step closer to its long-awaited goal of building 300,000 residential units.
Sydney Council president Rob Stokes said the deal “is about the future of the city”.
“We are seeing huge growth and the growth is coming from people who are coming to live and work in Sydney,” he said.
“We’ve got a lot of people in Sydney who want to live here and have jobs.”
Sydney Towers will also bring more luxury condenset towers, which will be built in high-rise towers.
“In addition to the towers, we’re also bringing in some other exciting developments including our first tower, the City Center, which is a mixed-use tower,” Mr Stokes told ABC News Breakfast.
“It’s designed to attract a new breed of residential, retail and office towers and will be a key component of the redevelopment of the surrounding precinct.”