More than 280 new homes at the Telstra Exchange site in St Leonards have been approved in a concurrent rezoning and assessment process.
The State Significant Development proposal worth $209 million will include 272 build-to-rent homes, 10 affordable housing units, 84 serviced apartments and retail stores, all within a 43-storey mixed-use tower.
The streamlined planning process where a site is concurrently rezoned and assessed is the same model that will be offered to proponents who opt-in to the soon-to-be established Housing Delivery Authority.
The site was rezoned under the Crow’s Nest Transport Oriented Development Accelerated Precinct and the assessment has been approved a short time later.
The proposed development will create 250 construction jobs and a further 40 ongoing jobs, with the existing Telstra Exchange building to be integrated into the new build.
Delivering well-located homes close to transport, jobs and community amenity has been a priority for the Minns Government, as well as finding new and innovative ways to speed up planning processes.
To support the community with more homes, this project will raise up to $9.8 million in development contributions for Lane Cove Council to improve local infrastructure such as parks, community facilities and local roads.
A further $3 million will be provided by NSW Housing and Productivity Contribution for State and regional infrastructure projects such as roads, parks, hospitals and schools.
Minister for Planning and Public Spaces Paul Scully said:
"This project is a great example of an innovative infill development proposal which will provide nearly 290 new homes plus new short-term accommodation within six kilometres of the Sydney CBD.
“The Telstra Exchange site will retain its operations at this location while enabling redevelopment over its existing building for much needed new homes.
“This rezoning and assessment pathway is similar to what proponents will have access to when working with the Housing Delivery Authority, this will speed up the delivery of good projects.
“This project will be backed with $12.8 million in combined developer contributions to both Lane Cove Council and the NSW Government Housing and Productivity fund. This contribution will help deliver new and improved public infrastructure for the St Leonards community.”
