The build comprises 21 three-to-four bedroom apartments, 55 car bays, a communal open space, an outdoor shower and a landscaped terrace on the ground floor.
The majority of those objecting to the development did so on the basis the height was “excessive” and did not provide for affordable housing, its potential to exacerbate existing traffic congestion and fears of issues with noise and overshadowing on neighbouring properties.
City officers deemed the height acceptable because the development had met the necessary criteria.
And the developer insisted the plan was consistent with the area’s “evolving character”, pointing to approved developments of between 18 and 46 storeys along the coastline, including the 3 Oceans development and the proposal earmarked for the White Sands site.
Panel members Francesca Lefante, Lee O’Donohue and John Syme all expressed support for the development, which they dubbed extremely well-designed, appropriate and a “bonus” in the location.
The site has long been earmarked for development, with Dempsey initially foreshadowing a $50 million, 15-storey development at 194 The Esplanade back in 2019 alongside venture partner Cape Bouvard after buying the site for $6.7 million.
Dempsey later acquired full ownership of the site before revamping the plan.
In a statement, Dempsey said the company had received a record number of registrations of interest and enquiries despite the formal marketing campaign not being scheduled to begin until April.
“I think there is generally a higher level of positivity in the market at the moment with prices beginning to be more reflective of construction costs, which makes it feasible to undertake projects like this again,” he said.
“The demand for developments pitched at this level continues to grow and to date, there has been a major under supply.
“Scarborough and surrounding waterfront suburbs have tended to consistently exclude those who are seeking luxurious, private apartments of significant size, forcing a section of the market to remain in larger, high maintenance homes which is one of the factors highlighted by successive governments to free up much-needed housing stock.”
Though the development application cited a value of around $30.5 million, the project is expected to have an end value of $80 million.
Construction is set to start in the final quarter of 2024.
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Source Agencies
