Demand for new residential apartments on the former Dwyers Holden site has been so strong that 80 per cent of the first release has already been sold off the plan.
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Construction will begin next month on the 317-apartment project which will be Wollongong's largest residential development when completed.
One of the first stages of the earthmoving works will be the demolition of the old Salvation Army Church building which fronts Burelli Street.
The development, Crown Wollongong, will feature four towers ranging from nine to 15 storeys high, as well as a series of two-storey terraces designed by Wollongong firm ADM Architects.
The site is owned and developed by Nicolas Daoud.
St Trinity Group development director Nicholas El-Khoury, project managing and marketing the development, said it would set a benchmark for urban living and become Wollongong's newest vibrant city precinct.
On the corner of Crown, Corrimal and Burelli streets, it would also be a landmark gateway to the Illawarra, Mr El-Khoury said.
"The first release has been oversubscribed with inquiries, with 80 per cent of the first release sold in just eight weeks," he said.
"The development has received a great response from the public, both locals in Wollongong and the greater Illawarra region as well as Sydney and Canberra purchasers who are purchasing a better lifestyle and amenities within the heart of the Wollongong CBD."
Crown Wollongong has one, two and three-bedroom apartments, which start at $400,000.
Mr El-Khoury said there would be two more releases of apartments.
The complex, which will also feature 14 ground floor retail and commercial suites, was given the official go-ahead by the Joint Regional Planning Panel in late October.
The site was sold to the developers in September 2013 by Colliers International Wollongong for close to $12 million.
"I think that was the most significant transaction for a development site in the Wollongong CBD in recent history," said Colliers International Wollongong managing director Simon Kersten.
Mr El-Khoury said the development would create a new commercial precinct connecting the lively business side of west Crown Street to the ocean lifestyle east of Crown Street.
He said Crown Wollongong would also feature a garden sanctuary with landscaped walkways meandering between the towers.
The external recreational spaces would include a luxury pool, barbecue areas, meeting rooms and viewing platforms.
Mr El-Khoury said the St Trinity Group had strong ties with the Illawarra and planned to use local contractors, suppliers and labour on Crown Wollongong.
"The project during construction phase is expected to add to the Wollongong economy more than $100 million," he said.
"We are a private developer and we will be contributing $100 million to the economy. We will be supporting a lot of families in the Illawarra who will get work from this project."
The St Trinity Group is also set to complete its boutique development at 88 Smith Street, Wollongong in early 2015. That development features 28 two-bedroom plus study apartments and the renovated masonic hall with four loft terraces.
The St Trinity Group was also responsible for developing The Vantage, in Gladstone Avenue, Wollongong, which was a master plan project of 214 units and 13 commercial suites.
The group plans to lodge a development application in early 2015 for the largest residential beachside complex in Kiama.