Property Market Weakening<\/strong><\/h2>\nThe project got the go ahead in 2017 despite contravening planning restrictions established by the Victorian government two years previously that a building may not exceed a height that is 24 times the size of the plot it is built on \u2013 One Queensbridge would be 56 times the height of its floor space.<\/p>\n
An exception was made because the project was of \u201cstate significance.\u201d Planning minister Richard Wynne noted at the time it was expected to contribute around $1.61 billion to the state economy, while Crown and Schiavello would pay an extra $76.57 million towards a community package for redevelopment of the local area. It was also expected create around 4,000 temporary and permanent jobs.<\/p>\n
But the approval was controversial, and the government appears to be in no mood to grant Crown further concessions.<\/p>\n
The rebuttal comes as Australia\u2019s property market is weakening, which could be impacting Crown and Schiavello\u2019s ability to attract financing.<\/p>\n
\u201cCrown retains a 50 per cent ownership interest in the land and will consider the next steps for the property in conjunction with Schiavello,\u201d the company said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Crown Resorts\u2019 bid to build Australia\u2019s tallest skyscraper has been thrown into doubt after the company failed to receive more time from the government of the state of Victoria to raise funding. James Packer\u2019s casino giant had petitioned the government to extend the deadline for commencement of construction of the $1.75 billion, 90-story project, known […]<\/p>\n","protected":false},"author":36,"featured_media":99848,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18,61,13592],"tags":[],"acf":[],"yoast_head":"\n
Crown Resorts Plan for Australia's Tallest Skyscraper Toppled<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n