In the state government’s notice of determination, NSW planning minister Rob Stokes said the transit-oriented development had been approved subject to a number of minor recommended conditions.
“The project will provide a range of benefits for the region and the state as a whole [and] strengthen the competitiveness of Sydney as an economic hub,” Stokes said.
“[This] includes 70 social housing dwellings, 435 student housing rooms, 57 full time jobs, and $105 million in capital investment and local infrastructure contributions.”
The Waterloo project, however, was not without controversy, with the City of Sydney questioning if enough social and affordable housing had been considered within the project.
Mirvac and John Holland said they would invest $20 million in contracts with First Nation-owned enterprises, and double the government’s First Nation workforce participation target to 5 per cent.
At least 5 per cent of the units in the apartment towers will be affordable housing.
Construction was originally expected to commence in early 2020 and be completed at the same time as the opening of the Sydney Metro City and Southwest line in 2024.
Construction timelines could now be pushed back due to ongoing lockdown conditions across Sydney.
Construction activity is already under way on the new Waterloo Station including fit-out work in the tunnels and the erection of three small cranes on the western footpath of Cope Street to move materials in the site.