In a bold move to address the ongoing housing crisis, a property in Lutwyche has been earmarked for a significant development project that could provide homes for hundreds of struggling families sooner than expected.
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The plan aims to transform 612 Lutwyche Road and its associated property, 53 and 57 Lamington Avenue into a thriving residential and commercial hub. The project, which has been declared a State Facilitated Development (SFD), is set to deliver 340 apartments along with communal areas, amenities, and retail spaces.
The SFD process introduces an alternative pathway for assessing certain development applications. This specialised route is designed to expedite projects that align with state priorities, with a particular focus on infill development and affordable housing initiatives.
For the Lutwyche project, around 15 percent of the apartments will be designated as affordable housing units, targeting low to moderate-income households. These units will be rented at rates significantly below market value, ensuring accessibility for those who need it most.
The affordability plan includes strict guidelines to maintain the integrity of the initiative:
1. Affordable units will span studio, one-bedroom, and two-bedroom configurations.
2. Rents will be capped at 75 percent of market rates.
3. Tenant eligibility will be based on income criteria.
4. The affordable housing designation will be maintained for a minimum of 40 years.
5. Annual audits will ensure compliance with eligibility and rental rate requirements.
The Lamington Markets project has undergone significant evolution since its initial approval. In 2021, plans were greenlit for two 12-storey towers featuring 134 apartments, a sprawling 4500 sqm indoor market hall, a rooftop urban farm, and a craft brewery.
However, the current proposal represents a substantial expansion of the original concept, more than doubling the number of apartments to 340 and incorporating a stronger focus on affordable housing.
This development is part of a broader initiative to accelerate housing solutions in Queensland. The new approach aims to streamline planning and development processes, potentially reducing approval times to as little as 75 business days for qualifying projects.
Industry experts believe this project could serve as a model for future developments, demonstrating how private sector initiatives can contribute to solving the housing affordability crisis. The inclusion of both residential and commercial spaces is expected to create a vibrant, self-sustaining community within Lutwyche.
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As this project moves forward, it promises to be a significant step towards addressing housing needs in the area, potentially changing the lives of hundreds of families who have been struggling to find affordable homes in the current market.
Published 3-October-2024
