Buyers have flocked to secure sales in a new six-storey residential development in Campbell that will become part of the area's transformation under the Griffin Legacy.
It will be one of the first steps in the National Capital Authority's vision to turn the area into a pedestrian-friendly boulevard as set down in amendments to the National Capital Plan incorporating the legacy.
The 52-apartment complex, which will be built by Hindmarsh, will replace the existing building on the corner of Creswell Street and Constitutional Avenue.
Hindmarsh constructed the original building - home to its staff, SAAB Technologies and the Robert Bird Group - in the 1980s.
''The Creswell'' has been popular, with more than 60 per cent of the apartments selling before the project hits the market this month.
The development will have commercial and cafe opportunities on the ground and first floors, with a further four floors containing a mix of studio, one-, two- and three-bedroom apartments.
Independent Property Group's director of project marketing, Wayne Harriden, said 35 of the apartments in the six-storey development had already been sold.
He said the sales had taken place before the sign went up at the site or the project had been listed on real estate websites.
The units have been sold to a mixture of first home buyers, downsizers and investors looking to benefit from the huge employment base in the area.
''I think the reason it's gone so well is that people haven't previously seen something like it in Campbell,'' Mr Harriden said.
He said its location within walking distance of the city and the lake was also contributing to the strong interest in the development.
The development will be the first of a number of new projects to be built on Constitution Avenue, either opposite or close to the new ASIO building.
This includes Hindmarsh's redevelopment of the Returned and Services League of Australia national headquarters, and the Land Development Agency's ''Campbell Section 5'' project on the large area of land on the corner of Anzac Parade and Constitutional Avenue.
Hindmarsh ACT development manager Brett Smith said construction was set to begin on The Creswell early next year and it should be completed within 18 months.
He said it would be the first residential redevelopment to occur on the Campbell end of Constitution Avenue under the Griffin Legacy plan.
''I think it's very much in line with what amendment 60 proposed, what the Griffin Legacy envisioned, along that strip,'' Mr Smith said.
He said the company had also just lodged the redevelopment plan for the RSL headquarters with the National Capital Authority.
This project will consist of 174 apartments, mixed use on the ground floor and the new headquarters.
The amendment to the National Capital Plan in 2006 said Constitution Avenue was central to implementing the Griffin Legacy.
''Constitution Avenue will become an elegant and vibrant mixed-use grand boulevard linking London Circuit to Russell, increasing the vitality of the Central National Area and completing the National Triangle,'' it said.
''This will be supported by an integrated transport system, broad tree-lined footpaths and outdoor dining and street parking.''