A prime piece of real estate on Constitution Avenue in the heart of Canberra could be released for mixed-use development, including residences and shops, as early as this financial year.
Industry experts tip a price tag of more than $20million for the ACT-owned land, now a dirt car park on the corner of Constitution Avenue and Coranderrk Street opposite the Canberra Institute of Technology's Reid campus, though the land is technically in Parkes.
Height limits of about 25m apply on Constitution Avenue, meaning a possible development of six to eight storeys, creating an opportunity for residences with million-dollar views across Lake Burley Griffin to the Parliamentary Triangle.
Some hope the development will resurrect the National Capital Authority's plan to turn Constitution Avenue into a ''grand boulevard lined with shops, cafes and a mix of commercial, entertainment and residential uses''.
The Rudd Government nixed those plans for Constitution Avenue by cancelling the $46million pledged by the Howard government to widen and enhance the thoroughfare.
A spokesman for Chief Minister Jon Stanhope confirmed yesterday the Government would release the land Section 3 Block 6 in Parkes possibly within the next nine months.
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