$150M development for Sydney waterfront moves one step closer
Martin Chernin has plans for apartment complex, regional library
A proposed $150-million waterfront development in Sydney has moved from a concept to the planning stage after Cape Breton Regional Council passed a resolution on Tuesday to support the project.
Sydney developer Martin Chernin has been given exclusive rights for 18 months to develop a piece of municipal property adjacent to, and in tandem with, a property he owns on the Esplanade.
The proposal is for a new regional library, an office tower and an apartment complex.
Mayor Cecil Clarke said if the full project goes ahead as planned it will be a game-changer for downtown Sydney.
"With the movement of the community college to the downtown core, the two of these together stimulates the economy and sends a message to entrepreneurs and those wanting to start a business that there is a future," Clarke said.
"Now we can get going with architects, engineers, geotech and get this whole thing priced up and get into a position looking for funds to go forward," he said.
Most of the money for the project will come from private investors, Chernin said.
"Some will come for the library from government," he said. "The rest is private-sector money."
Chernin would like to see construction begin on the apartment complex and library as early as this fall.