Arkadia property group has released its plans to redevelop two north shore shopping centres into high-rise towers in the Neutral Bay town centre.
Four towers standing up to 12 storeys tall have been proposed for land currently occupied by The Grove Shopping Centre, Theo’s Arcade and the Neutral Bay Community Centre as part of large-scale planning proposal released last week.
Arkadia, a prominent Neutral Bay landholder that owns sites including the arcade, is leading the development. The company is owned by the Karedis family, who started their business in Neutral Bay 68 years ago.
Arkadia’s plans show the redevelopment would include “a new community centre, a vibrant mix of retail and commercial uses, as well as residential dwellings” to enhance the Neutral Bay local centre.
The plans are anticipated to rekindle discussions on the allowable density in Neutral Bay, following earlier proposals to raise height limits in the town center that triggered strong community debate and divisions among North Sydney councillors.
Arkadia’s proposal is expected to be assessed by the Sydney North Planning Panel.
Source: The Daily Telegraph.
