Business View Oceania | March 2021

39 40 BUSINESS VIEW OCEANIA MARCH 2021 BUSINESS VIEW OCEANIA MARCH 2021 C I TY OF DEVONPORT , TASMANI A 2022. The Waterfront Park Precinct enables Council to achieve the long-held community desire of opening the CBD to the Mersey River. The park consists of a children’s play space with adjacent BBQ shelters and public amenities, endemic Tasmanian plantings, events rotunda, amphitheatre, water feature, events common area, pathways and a 160-metre long, six- metre-wide elevated walkway and viewing area overlooking the Mersey River and beyond. Future Future stages of the LIVING CITY masterplan include opportunities for further private-sector development within the CBD, along with further development of the Council-owned land to the west of the paranaple centre and Market Square precinct. Council has recently commenced a structured Expression of Interest Process, restaurants, a distillery, accredited hospitality sector training facilities and events spaces. The paranaple arts centre, housing the Devonport Regional Gallery, 400-seat Town Hall Theatre, and the Visitor Information Centre are also located within this new, vibrant precinct. This initial stage of the Master Plan was recognised by the Australian Institute of Architects awards program, winning both the best Public Architecture and Urban Design categories for the State. Improvements at the southern end of the CBD have occurred simultaneously, with a new car park, offices and street amenity upgrades occurring over the past four years. The LIVING CITY Masterplan designates the future of the southern CBD for office and medical purposes, with Council having directly participated and coordinated land sales to enable this development to occur. Stage 2 The last 12 months have seen significant progress on the second major stage of LIVING CITY, with commencement of both the new Waterfront Park precinct and the privately funded hotel development. With a combined construction value of $57 million, these projects are an integral part of the Master Plan and will result in an estimated total economic benefit to the Tasmanian and national economies of $127 million, and support 285 jobs across the anticipated construction period. Construction on the hotel commenced in March 2020. This fully privately funded development is being undertaken by Devonport- based Fairbrother Pty Ltd under a freehold arrangement with international hotel developer Fragrance Group Limited, and incorporates in excess of 180 rooms in various configurations offering 4.5-star accommodation. It is expected the construction will be complete by the end of 2021, with an anticipated opening during early