The Aspire Tower is set to be NSW’s tallest building outside of the Sydney CBD. This skyscraper will change the city’s skyline and occupy a prime spot in Parramatta’s vibrant city centre, Parramatta Square. The soon-to-be developed square will span an area of more than three hectares and house a mix of commercial towers, retail spaces, and world-class entertainment venues.
The Aspire Tower
The development will hold the title of the tallest residential tower in the Southern Hemisphere, soaring high at 233 metres, with up to 700 residential units, and around 150 hotel rooms. The hotel rooms, residential units, and retail outlets will be spread over 72 floors. Architect Bates Smart has also designed and submitted a development application to council to have the construction of the tower extended to 92 floors. If the application is approved, the tower will measure around 300 metres in height and become the 3rd tallest artificial structure in Australia.
This $700 million project is expected to reach completion in 2020. With its environmentally sustainable design, luxury features, and spectacular architecture, it will be the shiny jewel in Parramatta’s crown.
Parramatta Square
The Aspire Tower is just one of many new uniquely designed developments breathing life into Parramatta Square. Expect to see an entirely transformed Parramatta CBD, complete with extraordinarily designed commercial buildings, state-of-the-art water features, and a civic centre. The Walker Group is also expected to integrate this urban renewal project with the Parramatta railway station for ease of access. On top of this, there are also plans to construct a light rail station at the end of the development, making travel a breeze for commuters and visitors to the area.
The Cost
The entire cost of this major project is estimated to be $2 billion. $220.5 million is the estimated cost of developing 1 Parramatta Square—a commercial tower which will also serve as a campus for the University of Western Sydney. Council has already designated funds towards the project and they plan to obtain additional resources from section94 contributions.
What the Future Holds
A recent study conducted by PricewaterhouseCoopers, has shown a very positive growth outlook for Parramatta in coming years. The value of Parramatta’s economy is expected to reach a staggering $30 billion by 2021. Economic growth is set to double in the next five years and the city will employ nearly 186,000 people by 2021.
The city is in the midst of its biggest boom ever. With its beautiful public art installations, open green spaces, and world-class developments, Parramatta Square is soon going to take centre stage and serve as the pulsating heart of Sydney.
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