Newcomer developers to the Kingston Foreshore are planning a homage to Canberra heritage buildings of the 1920s and '30s in the design of their new apartment complex.
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Crafted directors Matt James and Peter Sarris bought the mixed use 4800 square metre site at the foreshore for $10.1 million at the start of the month. It was one of three blocks of land at the foreshore located across the water from Kingston Island that were recently auctioned by the Land Development Agency.
The two had been the highest bidders on the site when the property passed in, but contracts were exchanged two weeks ago following negotiations with the government.
Mr James and Mr Sarris, both experienced developers in the Canberra industry, are partners in Crafted, a venture which they set up late last year.
Mr James said they had decided to buy at the foreshore because it was a great location and had become a prestigious area of Canberra.
He said they were planning to deliver something quite different to other apartment complexes in the area.
"A lot of the buildings here are very modern, and they're great buildings, but we're trying to do something which is influenced by some of the buildings of the '20s and '30s," he said. "We're really trying to do something which is quite classic and quite different to the other things you see on the foreshore."
The developers plan to also incorporate design and interiors from places around the world such as New York's SoHo district. The Prince will be a 161-apartment complex with a European-style piazza area modelled on those in Italy and Paris.
"We're trying to create this beautiful communal garden where people can spend time, and all of the entries to the building will focus people into that space," Mr James said.
Director Mr Sarris said the company saw a significant part of their target market being people downsizing from classic-style homes not modernist creations.
"We do want to try and create homes and beautiful places for people to live as opposed to just putting up mass apartments," he said.
"I think we tracked it to the Kingston precinct because it's probably come of age, it's at that critical mass now where people who move in can enjoy it and not necessarily be on a building site for the rest of their lives."
They aim to complete the project by the end of 2017.
CBRE ACT managing director Andrew Stewart said it was good to have some fresh blood investing into the foreshore area.
Two further blocks of land at the Kingston Foreshore are expected to be auctioned in June.
