A six-storey residential complex will be built on a large car park in Barton as part of long-term plans to redevelop the site.
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Plans for the works have been lodged with the National Capital Authority for part of the parking area bordered by Macquarie, Broughton and Blackall Streets.
The proposal is open for community consultation until Monday.
Morris Property Group and The Doma Group purchased the land in 2010 in a joint venture.
The block, just outside the Parliamentary Triangle, became a paid car park later that year.
A master plan implementation strategy has also been lodged with the NCA which indicates a staged development for the $16.5m site.
The precinct has also been named “Governor Place”.
Morris Property Group director Louise Morris said initially the plan had been to develop the area for a large office building to remain in keeping with the office precinct.
But the joint venture team had been unable to secure a tenant.
The decision was made to accelerate other plans for the land and develop the section of the site fronting Blackall Street for apartments.
This will be a Colin Stewart Architects project for a 6-storey development containing 136 units.
“We've spent a lot of time on the design of the apartments,” Ms Morris said.
“It will have the feel of a boutique development.”
Ms Morris said the apartments would likely be released onto the market in the third quarter of this year and subject to sales, construction would begin early in 2014.
The developers plan to consecutively roll out the following stages of the plan on the other two car park areas.
Ms Morris said they still planned to provide an office building as part of the project.
Individual works applications will be lodged with the NCA for each stage of the project's development.
According to the master plan the holding lease for the site requires that a minimum of 470 available car parks be provided as part of the area's development.
“A staged parking strategy is provided to minimise disruption to parking and at the conclusion of the project identifies the provision of 470 available parking spaces,” the plan said.