Star’s $1 billion investment to revitalise Sydney

The Star entertainment group has proposed a new plan to invest $1 billion into the Pyrmont peninsula by building a two tower, six star hotel in the region. The new plan would see the investment double from the original $500 million proposal. 

Star now hope the new Pyrmont planning strategy and revised tower heights will put them in a better position in comparison to their rejected pitch last year to build a 237m six-star Ritz Carlton hotel.

The pitch includes a tower on the northern section of the site at 110 metres high that would be a six star hotel with a signature restaurant and other resort amenities. It also includes a 180 metre tower on the south side that would include a hotel and apartments, restaurant and bars in the podium and retail shops.

The Star claims that in order to build a six star hotel, it must adhere to the height of 110 metres which is above the recommended height limit for that site in the government’s Pyrmont Place Strategy draft. The draft suggests a 60 metre limit to any development at the northern end of the Star site.

Planning Minister Rob Stokes said: “We’re delighted that The Star has engaged so positively with the draft plan. They’ve come up with some creative ideas that will be thoroughly considered with all the other submissions about how we can make Pyrmont an even better place to power us out of the pandemic.

“I made clear in July that Pyrmont has the potential to be a 24/7 destination for locals and visitors with the right development in the right places, and our draft plan sets out how we propose to achieve this.

“Pyrmont is more than a village – it’s vital part of our global city and will play a key role in bolstering the city’s night-time economy.

“The planning system is a key driver in our economic recovery to COVID-19 – in six months we have determined 90 projects worth $25 billion that have created 50,000 jobs. I’d say we are already doing our bit,” Mr Stokes said. 

A Star spokesman said this new proposal was in line with the government’s strategy to get the economy back on track after the significant impact COVID-19 has had on the economy.

“Driving jobs is key. Our two-towers, two-hotels master plan, with restaurants and resort amenities, will create not only construction roles but ongoing fulltime employment in the tourism and hospitality sector,” said the spokesperson.

“This is the perfect time for our twin hotels proposal, and a potential investment of $1 billion proves our commitment to helping Sydney get back on its feet.” 

Over 130 submissions have been received on the draft Pyrmont Place Strategy and will be made public next week.