“Newcastle’s transformation is truly underway,” Newcastle Lord Mayor Nuatali Nelmes says.
More than $365 million in new development has been lodged with the City of Newcastle over the past three months.
This is a new record for investment in the city, with confidence in the thriving centre at an all-time high.
“Newcastle is undergoing an unprecedented construction boom on the back of the our progressive, future-focussed vision for the City,” Cr Nelmes says.
“The latest influx of investment is particularly exciting as it involves formerly underutilised sites now earmarked for development.
“These plans will drive our local economy and contribute to the vibrancy of our community for decades to come.”
The latest $160 million development, from Wests Group Australia, at 309 King Street, includes two 14 storey mixed-use buildings.
The two buildings will include an aged care facility, independent living units and general residential apartments along with cafés, restaurants and a medical centre on the ground floor.
The pedestrian laneway between the development and the existing Wests City building (NEX) will become a memorial to the 1989 Newcastle earthquake victims.
Meanwhile, a development application has been lodged by Iris Capital to convert the former David Jones building on Hunter Street to a hotel, with plans to invest $18 million into the restoration, while Century Venues has also proposed a $11.5 million restoration of Newcastle’s iconic Victoria Theatre.
In addition to these developments, construction on Newcastle’s first five start hotel has begun at the Roundhouse in Newcastle’s CBD.