Developers foot the bill for new look Sydney
Sydney’s city centre is set to be revamped under a new long-term plan designed to create jobs and steer economic growth, Lord Mayor Clover Moore has said.
Under the new proposal for Sydney’s city centre, the city will allow for new buildings to be taller than 300 metres to help attract new employment spaces, without compromising on public spaces such as Hyde Park, the Royal Botanic Gardens, Martin Place and Wynyard Park.
“Our communities, businesses, landowners and industries have all had the opportunity to contribute to the development of this strategy. It will help us lay the foundations for the city’s recovery from the devastating economic and social impacts of the coronavirus and maintain Sydney’s status as an attractive place for business investment,” Lord Mayor Clover Moore said of the proposal.
“If we want Sydney to maintain its status as an economic powerhouse of innovation and collaboration, it’s vital we safeguard economic floor space while allowing residential development to continue in the city centre.”
However, the new developments will come at a cost to developers, with council asking the Minister for Planning and Public Spaces to amend the regulations to allow for a contributions levy of up to 3 per cent to apply to new developments.
“This increased levy will fund new infrastructure to support the increase in floor space in the planning proposal and ensure Central Sydney remains an attractive place for investment,” Ms Moore said.
The Lord Mayor has outlined the following changes:
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