The Kosseris family has set about saving Dubbo’s CBD with plans to build a $100 million shopping, office and accommodation complex in Macquarie Street.
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The development - yet to gain approval from Dubbo City Council - is promising about 400 construction jobs and another 400 jobs created on its completion at the end of 2013.
Yesterday real estate agent and development spokesman Laagan Whalan said he understood a development application (DA) had been lodged for the project, which was to be completed in two stages.
Dubbo City Council later confirmed it had received a $40 million DA for the Riviera Shopping Centre.
The director of applicant Penrith Mega Homebase is Patricia Kosseris, wife of John Kosseris.
Mr Kosseris unsuccessfully attempted to redevelop the former Dubbo RAAF base as head of SPV2, before it went into receivership.
Mr and Mrs Kosseris did not attend the media event where the development was announced yesterday.
They allowed Mr Whalan to reveal the first details about the development.
He spoke to assembled media at the Macquarie Street frontage of the block left idle after the John Oxley Motel ceased operating.
Eight months ago, acting on behalf of vendors of three parcels of land, Mr Whalan had presented the idea to the developer.
He had success - Penrith Mega Homebase bought 199 Macquarie Street from Brett Anderson’s BAWD Property Trust and two adjoining properties.
Mr Whalan yesterday declined to reveal the purchasing price.
Instead he excitedly showed off artist’s impressions of the new complex.
It would include a shopping centre, five-star motel, offices, two levels of alfresco dining and executive apartments.
Major retailers had been secured for the proposed Riviera Shopping Centre, Mr Whalan reported.
He would not comment if Kmart or Aldi, retailers previously floated as tenants, were among these, saying only that details would be released shortly.
“We’re bringing a lot of new shops to Dubbo that people have been wanting for a while,” he said.
NSW Real Estate Institute - Orana division chairman Rod Crowfoot had described the listing for sale of the Macquarie Street site 18 months ago as a once-in-a-generation opportunity.
Mr Whalan sought to consolidate the significance of the deal yesterday, promoting the complex as “the biggest development in Dubbo”, with a final value in excess of $100 million.
The local building industry would reap the benefits of the 386 construction jobs on offer, Mr Whalan said.
More than 430 people could find employment at the complex after its completion, scheduled for November 2013, he said.
Dubbo’s latest local environmental plan lifted restrictions on the expansion of Orana Mall in East Dubbo.
The agent of four years who has long held “a passion” for commercial real estate and development presented Riviera as a fresh start not only for the site but also the CBD.
“This is the heart of Dubbo and we’re not looking after it,” Mr Whalan said.
“Yes, this could save the main street and it can even help Talbragar Street.
“This will bring shoppers back and change people’s mindset.”