Woolloongabba’s historic Broadway Hotel will be redeveloped in a $260 million joint venture arrangement with the building’s owner and Brisbane developer Majella Property Developments.
Under the proposed redevelopment the site will feature a 24-storey apartment tower featuring 280 one, two and three bedroom apartments. The development will also incorporate a three-level commercial and retail podium which will incorporate the heritage-listed hotel.
The hotel on Logan Road at Woolloongabba was extensively damaged by fire in 2010. The hotel and land is owned by Brisbane doctor Malcolm Nyst.
Majella Group founder Professor Frank Monsour said, “We’re delighted to be able to bring back the glory of the Broadway Hotel.
“The hotel has always helped define the character of the precinct and we are keen to bring back the local markets and for the area to become vibrant again. The hotel will be a big part of this.
“It has always been the soul and an inviting gateway to the area which is why we’re retaining it.
“Malcolm had been looking for a developer to join with who appreciates the heritage quality of the building.”
Majella Property Developments will use some of the development profits from the apartment tower to restore the hotel which otherwise has been deemed to be economically unviable as a restoration project on its own due to the extensive damage suffered.
Majella is basing its plans for the precinct on a laneways concept with the Broadway’s Gothic appeal influencing the style along with elements from New York.
A Development Application is anticipated to be lodged with Brisbane City Council in August.
When approved construction would expect to start in 2017 and be completed in 2019.
The hotel which was completed in 1890 was designed by prominent architectural firm John Hall & Son.
Majella Property Developments has completed its 91-apartment Radius Apartments development at O’Keefe Street in Woolloongabba and will soon start construction on Mountview Residences, featuring 15 stylish apartments over 12 levels at Spring Hill.
Original article published at www.theurbandeveloper.com by Staff Writer 13/7/16