A new high rise has been approved in the heart of Parramatta to inject $291 million into the local economy, create 275 new homes and almost 300 jobs.
A new slimline 43-storey building will be one of the tallest in Parramatta with a mixture of apartments, offices and shops on the corner of Macquarie and Charles Streets
The project is expected to create up to 228 construction jobs and 65 ongoing jobs.
“This is an example of how we can create places where people can live, work and have good access to transport, public facilities and open space,” planning minister Rob Stokes said.
“It’s vital that, as our cities and suburbs get bigger, they get better as well.”
Parramatta MP Geoff Lee added:
“Everywhere you turn in Parramatta, you can see cranes in the sky that are building the new homes, offices and entertainment spaces for local residents and families.”
A Department of Planning and Infrastructure report released this week forecasts Sydney to reach a population of of 6.42 million in 20 years – 170,000 more than predicted two years ago.
Of those 170,000, 26,000 are expected to reside in Parramatta.
The proposal was made possible by planning rule changes allowing residential development on the site, where only commercial uses were permitted before.
Other planning rule changes also include increasing the maximum building height limit from 40 to 43 storeys, allowing the floor space of the building to be increased and a requirement that at least four storeys is used for offices or shops.
A development application will need to be submitted to council for assessment and then consideration by the Sydney West Joint Regional Planning Panel before any development can occur.