Eight years after obtaining a lease to develop Canberra's most prominent shopping precinct, the Queensland Investment Corporation is yet to complete the project.
Even though the ACT Government used contentious call-in powers to expedite the $500million development in 2005, and last year toughened its stance on land banking, a large car park in Civic earmarked for residential towers sits undeveloped.
Meanwhile, small retailers across the road from the Canberra Centre are furious QIC, the centre's owner and Australia's largest institutional investment manager with $65billion in funds under management, is allowing the shops they rent to fall into disrepair.
Twelve years ago the then Carnell government contemplated a joint venture with Canberra developer Graeme Shaw who proposed transforming the Bunda Street car park and Griffith Centre into ''City Gardens'', a $95million precinct of cinemas, hotel, residential tower and strip shopping.
For more, pick up a copy of today's Canberra Times.
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