New High-Rise Tower Gives Parramatta’s Economy a $291-million Boost

Parramatta will soon add its third tallest skyscraper after the approval of the Statewide Planning’s proposal for any 43-floor tower on the corner of Macquarie and Charles Roads. The new building will improve Parramatta’s economy by $291 million. Not only will it achieve unparalleled heights but it will additionally see more houses and new jobs opportunities produced.

The tower will be comprised of apartments, offices, and commercial spaces. About 228 jobs are going to be opened during its development and around 65 permanent jobs once it opens its doors to the public. Planning Minister Rob Stokes stated within an interview with the Daily Telegraph that the structure would substantially enhance the status of Parramatta’s CBD. He added that the tower would a great place to work and reside in for locals and tourists alike. It will provide good access to transportation, public venues, and open spaces. Stokes added that the government has shifted its focus to the enhancement of metropolitan areas and suburbs.

The brand new skyscraper for Western Sydney has greenlighted thanks to the approval of the changes, which involved the residential development for that site. It will produce 275 new homes that target both locals and tourists. It was previous approved commercial uses only. The building will have 43 storeys instead of the originally planned 40 levels. The Statewide Planning was requested to allow four levels as commercial spaces in return for the additional height. Parramatta MP Geoff Lee said this project will only be one of the many projects that the city will see in the future. The metro will become very busy with different constructions taking place. Some developments will include houses and office while others involve building entertainment spaces.

This structure will be a great addition to the other buildings in the area such as the Altitude apartments and Crown group’s V by Crown. A spokesperson from the Department of Planning said in an interview with The Financial Review that permitting the site to include residential units will improve the vibrancy of the area. This is in line with the plans of Parramatta City Council, which seeks to improve the metro. The site was located in an ideal place with direct access to jobs, public transportation, shops, and vast open spaces. Despite all these, the project still requires a development application, which should be submitted to the Sydney West Joint Regional Planning Panel for assessment before the construction of the building is started.

Statewide Planning is being run by the Demian family, who is also behind the 6.8-hectare masterplan development at the James Ruse Drive in Parramatta’s Camelia. The Demian family is known to financially support the Liberal Party. Meanwhile, Statewide Planning said it wishes to keep 2200 square meters of floor space in the building for medical services.