Canberra developer JWLand has released new renders for its 875-dwelling project in Belconnen, as part of its development application for the proposal.
Belconnen Central is proposed to include 550 residential units and 325 build-to-rent units across two towers once complete.
The development sparked discussion in November when JWLand announced its plans for the block, which the ACT government sold as having a 550-dwelling limit.
The site, known as block 17, section 152, is located on Chandler Street with Swanson Court to the north and the Belconnen bus interchange to the south.
A central podium is proposed to be built across the whole block, with the two towers extending above it.
The western, residential tower would rise up to 20-storeys tall, while the build-to-rent apartments would be housed in the 24-storey eastern tower.
The residential tower would offer a mix of one-, two- and three-bedroom units, while the build-to-rent tower would offer one- and two-bedroom options.
The plans also include 540 square metres of commercial use, earmarked for retail and hospitality venues.
The plans include ample parking for both residents and the public.
A total 1145 car spaces will be provided across three basement levels and four above-ground levels to service residents and the public.
This includes the 168 public car spaces the developer was required to replace as part of its lease conditions.
Increased dwelling count to meet market demand
JWLand purchased the 7125-square-metre car park from the Suburban Land Agency in March 2022 for $20.5 million.
The agency marketed the site as having development potential for a total of 550 residential dwellings and a large commercial component, such as offices and retail.
Michael Prendergast, head of development, ACT at JWLand, said the decision to swap the office component for build-to-rent units was to better meet market demands.
"We are of the impression that, where the market is at the moment, the demand for residential in the town centres is currently outstripping anything for commercial or retail," he said in November.
Build-to-rent developments are designed and built as long-term rentals and are owned by a single company, as opposed to typical developments where homes are sold to individual owners.
Mr Prendergast said the build-to-rent model was gaining popularity in Canberra, and the Belconnen site was an ideal location for it.
"It's a great opportunity because it's a great location... located in the town centre and then obviously next to the bus interchange," he said.
Pending approvals, the developer is aiming to begin construction this year with completion estimated for 2027.
The development application is open for public feedback until March 8.
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