The $260 million redevelopment on the former site of the Red Hill public housing flats has been officially launched, with the display suite opening to the public on Saturday.
The joint venture between Stockland and Doma called The Parks has set up a display suite featuring two replicas of an apartment and townhouse in the development.
It has been launched to market amid ongoing remediation works after asbestos was discovered on the site in March, forcing construction to a halt, forcing construction to a halt.
According to a statement, approximately one-quarter of the total site remediation has been completed, including the removal of topsoil and emu-pick of asbestos fragments.
Stockland regional development manager Calum Ross said works were expected to be completed soon.
"Remediation works on the site are ongoing and we expect to be complete in the next circa six to 12 weeks depending on the weather," he said.
"[It] should be complete soon, hopefully, so we can get on with the main civil works and build."
There will be 244 dwellings in the 5.3-hectare site comprising of townhouses, apartments and land lots with six parks spread across the site.
Sydney-based Stockland will deliver the 83 townhouses and 25 land lots with Doma developing 136 units.
The consortium paid the ACT government more than $50 million for the site after winning the tender in June last year.
While the display suite has just been opened The Parks has been for sale since September. Mr Ross said Stockland has sold about 90 per cent of its first-release offering.
Doma senior development manager David Carey said they have sold "a number of apartments" as well.
"We have had a pre-release and we have sold a number of apartments already and excited for people to come through and experience the display suite," he said.
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"The Parks is located in the heart of the bustling Red Hill and is surrounded by everything a resident could want."
Doma submitted a development application for its portion of the site in September.
The development has already gained a big fan in Red Hill SupaExpress owner Brendan Irvine who has actually bought into the development.
"We always wanted to live in Red Hill in some capacity in the next five to 10 years but this has accelerated it," said Mr Irvine.
"When we bought the shops two-and-a-half years ago, our aim was always to rebuild the community... we feel we have done that at the shops but this will just be the final piece of the puzzle.
"Between the park areas and the new buildings over the next five years this will complete the suburb."