Brisbane 'Little Italy' $1.5bn project approved for Newstead

Elizabeth Tilley I 29 October 2024 I news.com.au I 2 min read

A $1.5bn, three-tower residential and lifestyle precinct proposed for the heart of Brisbane has been given the green light from Brisbane City Council.

Construction is expected to start as early as March on the 1000-apartment development known as ‘Little Italy’, which will occupy a 7440sq m site bordered by Stratton, Longland and Kyabra streets in the inner-city suburb of Newstead.

The three towers will rise between 29 and 33 storeys, offering a mix of studio, one, two and three-bedroom apartments, 649 car spaces, and 23 retail tenancies, which will include a mix of bars and restaurants, as well as health and beauty boutiques, next to Gasworks Plaza.

Developer Max Panettiere from Panettiere Developments said earthworks for the first 335-apartment tower could start as early as March and could not come at a better time for Brisbane’s supply-starved housing market.

The initial plan was to deliver primarily build-to-rent housing, but Mr Panettiere is now keeping his options open and looking at a build-to-sell strategy — for the first tower at least.

“We’re expecting to sell out very quickly,” Mr Panettiere said.

“The issue now is not selling the apartments. The issue is finding a builder.

“But the key for us is we’re a developer-builder. We’re building for ourselves and not reliant on a third-party builder ... and the banks are backing us.”

The development was taken to market earlier this year through an international expressions-of-interest campaign with Colliers International, but Mr Panettiere decided to keep it, although is still open to a possible joint venture.

Designed by Bureau Proberts, the development will offer 6124sq m of communal open space, including podium and rooftop recreation terraces featuring pool decks, gyms, sauna and steam rooms, media rooms, kids playgrounds and games rooms, private dining rooms and co-working spaces.

At ground level, the Little Italy precinct will feature a large centrepiece piazza surrounded by 2713sq m of cafes, restaurants, bars, pop-up stalls, beauty, health and wellbeing offerings.

Mr Panettiere and his brothers, Joe and Michael, bought a 3298 sqm parcel of land on the site in 2017, and later acquired the surrounding sites — 13 lots in total.

Author: Elizabeth Tilley