Developers ICD and Belingbak have abandoned plans to build a $500m high-rise hotel and apartment tower on Pitt Street, appointing agents to sell the site.
joint venture partners ICD Property and Belingbak have abandoned plans to develop a $500 million hotel and residential tower on Sydney’s Pitt Street and will instead look to flip the site for around $120 million.
However, rather than proceed with the project, the co-developers have appointed Knight Frank and CBRE to market the site which will be sold via expressions of interest kicking off on Tuesday. Belingbak and ICD obtained concept DA approval in September for a 58-storey tower, comprising around 300 hotel rooms, 21 luxury apartments and ground floor retail.
The 573.6 s q m site has zoning that supports a mix of development opportunities including student accommodation, hotel, commercial or residential.
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