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Pacific Fair could hold residential towers Gold Coast Top Story
PACIFIC Fair could be transformed into a retail and residential playground, with owner AMP looking at the longterm possibility of residential towers on the site.
In a move that could lure Asian buyers and shoppers into the centre, a spokesman for the financial group said any development would be a decade or more away but the centre does have zoning for residential development.
AMP took sole control of Pacific Fair last week,[url=http://www.floware.fr]michael kors paris[/url], paying $371.2 million to snare shopping centre behemoth Westfield share in the centre, and immediately announced a massive redevelopment of the site.
Mr Hynes admitted the group and the centre previous coowners Westfield had dropped the ball which allowed Robina Town Centre to steal the crown as the Coast reigning retail queen and hinted at tensions between them.
"Pacific Fair is probably 10 years past its development cycle," he said.
"If we had owned it outright, we would developed it to keep pace with Robina."
International retailers Zara, Louis Vuitton, Burberry and Abercrombie and Fitch could form part of the centre new luxury shopping precinct, with AMP in talks with highend retailers to join the site.
The centre will be upgraded in four stages, with the first stage the reopening of the former Daimaru site at the northeastern corner.
A new entry statement will be created facing Hooker Boulevard, where Coles sits now.
The twolevel carpark on the northwest corner will be converted to a multilevel carpark, with the rest of the car parking on the western side demolished and converted to shops.
The final stage would be the construction of a David Jones shopping area where Target sits now.
Mr Hynes said the redevelopment would be the biggest project AMP had undertaken in its 50 years of shopping centre ownership and, while locals would be more than catered for, would be aimed squarely at the daytripper and international tourist market.
"The new centre will be a Gold Coast mustvisit, with a fivestar holiday resort ambience and a unique indooroutdoor environment reflecting the Queensland lifestyle," he said.