Australia – Victoria government rejects Crown’s delay to One QueensbridgeBy Phil - 5 March 2019
Australian casino operator Crown Resorts will have to reconsider its options regarding the construction of Australia’s tallest building with its request to delay the start of its build rejected by the Victoria government.
The 323-meter, 90-story One Queensbridge tower would have been built at the company’s existing casino resort in Melbourne at a cost of A$1.8bn.
Crown said in a statement that funding arrangements with the Schiavello Group, its partner in the project, could not be completed before the construction start date.
Crown stated: “Crown and Schiavello have been informally notified by the Victorian Government that an extension to the
construction commencement date for the proposed One Queensbridge project has been denied. No formal
notice has been received from the Victorian Government but it is expected shortly. As previously announced, the project was subject to obtaining financing arrangements that were satisfactory to Crown and Schiavello. Unfortunately these arrangements could not be achieved before the construction commencement date under the planning approval.
Crown retains a 50 per cent ownership interest in the land and will consider the next steps for the property in
conjunction with Schiavello.”