First there was the Independent Commission Against Corruption scandal that exposed the way in which some projects gained approval.

Hot on its heels came the global financial crisis, drying up previously rich lines of credit and bringing developments to a halt.

Belmorgan's incomplete Ambience development at Fairy Meadow, one of the most well known of the stalled projects, attracts the ire of all those forced to look upon it regularly.

The city's new Local Environment Plan has been unveiled, providing direction for developers, while the State Government has agreed to abolish its 1 per cent levy on city centre developments worth more than $250,000.

The levy raised only $140,446.

Geoff Jones, chairman of the Illawarra chapter of the NSW Property Council, said the levy was a disincentive to developers to work in the city, and a tax not applied to any other regional centre in the state.

He said to raise the kind of money the State Government had hoped for when the levy was imposed in 2007 would have required a CBD the size of North Sydney.

With the levy gone, our city is a more competitive investment option. Let's hope for some innovative projects the city can be proud of and excited about.