REVEALED: What pandemic means for $250m hotel project
A $250 million, five-star hotel development could be ready for marketing in 12 months, despite the effects of coronavirus on the construction and tourism sectors.
Aria Property Group's residential development manager Michael Hurley said the company remained "100 per cent committed" to its 1 The Esplanade project set to change the face of Mooloolaba.
The project was approved in September, 2019, paving the way for the high-end development firm to construct a 139-room hotel, 66 residential apartments, 1764sq m of retail and restaurants, day spa, conference facilities and a publicly-accessible rooftop bar and restaurant.
The rooftop bar and restaurant was set to be fashioned on the world-renowned Marina Bay Sands in Singapore.
Mr Hurley said they'd been forced to "review all operations and projects due to the COVID-19 pandemic", like many other businesses and organisations.
"Unfortunately commencement of Aria's five-star hotel project at Mooloolaba Esplanade will be delayed, reflecting the volatile economic climate and subsequent impacts on domestic and international tourism," Mr Hurley said.
Mr Hurley said they were facing similar challenges to most businesses and people working in the tourism industry, and that was uncertainty.
"However, we remain 100 per cent committed to the project when stable economic conditions return," he said.
Mr Hurley said work had resumed this week with the design team, with an eye to the future of the project.
"The hope is in approximately 12 months' time we could be in a position to start marketing the project," Mr Hurley said.
"Dependent on the level of our residential units pre-sales, hotel commitment and the bank lending environment, we could start construction in 2022."
He said 1 The Esplanade was a "legacy project" for Aria.
"Aria is 100 per cent committed to the project as it is approved (retail plus five-star international standard hotel plus residential units plus world class publicly accessible rooftop bar and restaurant) when stable economic conditions return," Mr Hurley said.
The project had been forecast to create about 1000 direct and indirect jobs throughout construction, and 271 ongoing jobs once built.
Residential units had been hoped to be released to market this year, with construction to start in 2021, prior to the pandemic hitting.