An AUD$1.2 billion (US$830 million) over-station development at the future Victoria Cross metro station in North Sydney has topped the latest list of projects to be fast-tracked by the NSW government.
The North Sydney development, along with 18 other state-significant projects valued at AUD$4.7 billion (US$3.2 billion), have been announced as part of the NSW governments third and latest tranche of fast-tracked assessments.
NSW premier Gladys Berejiklian and planning minister Rob Stokes, said the additional projects would further stimulate construction and assist in a state-wide economic recovery.
Other projects picked by the Berejiklian government include the development of a 60-megawatt solar farm, an AUD$64.3 million (US$44.4 million) school in Sydney’s south-west, rezoning for the North Castle Hill Precinct and 5,000 new homes in Parkwood being delivered by developer Riverview.
Adding to the bill is Mulpha's AUD$1 billion (US$690 million) Norwest, a series of nine high-rise towers, ranging from eight to 26-storeys in the Hills.
The over-station tower slated for Victoria Cross station, being overseen by Lendlease, will include about 58,000 square meters of office and retail space.
Policymakers also signed off on AUD$10 million (US$6.9 million) towards social housing with 41 affordable housing units to be considered in Gosford.
The latest announcement follows on from a slew of recent development approvals, with the first projects touted in late April including the multi-billion-dollar Snowy 2.0 pumped hydro project.
The second tranche brought forward soon after in late May included approval for AUD$2.6 billion (US$1.8 billion) plans to rezone Mamre Road in Western Sydney’s Aerotropolis.
To date, 48 major projects have had their assessments finalised through the program.
“So far this program has unlocked AUD$1 billion (US$690 million) of economic investment a week – far surpassing any other state’s planning acceleration programs,” Stokes said.
“We’re establishing a new normal for the NSW planning system, with faster decision making and simpler processes.”
The NSW government estimates that $13 billion (US$8 billion) in economic benefit will be injected into the economy, while delivering 8,000 new homes, infrastructure and public space.
The NSW government wants the latest fast-track assessments completed by 17 July 2020.
If approved, Berejiklian said the state government would hit its jobs target in three months instead of six.
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