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Six years after Jack Chia first indicated his intention to build Australia's largest real estate development a few miles south-east of Melbourne's CBD, his company has withdrawn from the project, leaving the first stage unfinished, further stages uncertain and financial losses (to date) estimated at $12 million. A little to the north, on the edge of the CBD, the Japanese multinational development company, Kumagai Gumi, marks time on the grandiose ‘Victoria Project’. After several successive plans (each less grandiose than the one before) released to an increasingly sceptical investing public and an increasingly worried government, ‘all that is left of Kumagai's [original] plan is a relatively modest office building without a tenant. Two years into the project all it has to show is what it sometimes referred to as ‘the big black hole’, (Age, 19 January 1987).
Six years after Jack Chia first indicated his intention to build Australia's largest real estate development a few miles south-east of Melbourne's CBD, his company has withdrawn from the project, leaving the first stage unfinished, further stages uncertain and financial losses (to date) estimated at $12 million. A little to the north, on the edge of the CBD, the Japanese multinational development company, Kumagai Gumi, marks time on the grandiose ‘Victoria Project’. After several successive plans (each less grandiose than the one before) released to an increasingly sceptical investing public and an increasingly worried government, ‘all that is left of Kumagai's [original] plan is a relatively modest office building without a tenant. Two years into the project all it has to show is what it sometimes referred to as ‘the big black hole’, (Age, 19 January 1987).
Planning Paradise Postponed
Berry, Mike (Autor:in)
Urban Policy and Research ; 5 ; 92-93
01.06.1987
2 pages
Aufsatz (Zeitschrift)
Elektronische Ressource
Unbekannt
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