News
$3 Billion AVID Project Gets $5 Million Kick-Start
March 8, 2017 | IN Media Release and News | BY AVID | 2 min read
Water and sewage works at Palmview’s largest masterplanned community, Harmony by AVID Property Group, are officially underway thanks to a $5 million loan from the Queensland Government’s Catalyst Infrastructure Program (CIP).
The Catalyst Infrastructure Program is an initiative to invest infrastructure in the state that boosts development and long-term jobs and growth prospects, and requires the developer to repay the loan in full over the life of the project.
Set on 378 hectares and located in the heart of the Sunshine Coast, Harmony by AVID Property Group is set to deliver more than 4,800 homes for 12,000 future residents, 100 hectares of open space and a 15,250m2 GFA Town Centre.
AVID General Manager Bruce Harper said the funding loan from the State Government had allowed AVID to fast-track this stage of the development.
“This funding loan has given the project the means to accelerate the commencement of the water and sewage works, which a great thing for the Sunshine Coast,” Mr Harper said.
“AVID has committed to repaying the State Government the $5 million within the first five years of Harmony’s 15 year construction timeframe.
“The funding loan means we’ll be able to deliver Harmony for the community much sooner, with these key infrastructure works forecast for completion by September-2017.
“We are extremely grateful and pleased the State Government has loaned the money to Harmony, a project which we believe is going to be a legacy for the region.”
Deputy Premier, Minister for Transport and Minister for Infrastructure and Planning Jackie Trad said the Palaszczuk Government could see the enormous economic benefit the project would contribute to the Sunshine Coast region.
“With more than 9000 jobs to be generated on the Sunshine Coast the $5million Catalyst Infrastructure Program loan will lay the groundwork for this entire project,” Ms Trad said.
“The funding provided by the Palaszczuk Government will push this project along as it establishes itself as one of the key economic drivers for the region.”
The commencement of the water and sewage works comes just months after the project’s first sod was turned in late 2016.
Source – The Urban Developer
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