Wollongong developer pulls apartment plan, warns of CBD oversupply crisis
Developer Michael Corban cancelled a nine-storey apartment block on Flinders Street. He cited major oversupply in Wollongong's city centre.
Property developer Michael Corban had approval to build nine storeys. The site is at the corner of Flinders and Gipps streets in Wollongong CBD.
Corban scrapped the plan. The site will stay as a low-rise commercial property instead.
Corban warns of a disaster. Too many apartment towers are going up all at once.
They run along Flinders Street through to Kembla Street. The tipping point was a proposed 38-storey tower nearby.
It has parking for well under 303 units. NSW Planning said that tower needs major redesign.
Corban called the parking situation completely irresponsible. He flagged congestion that will get worse.
Hundreds of new residents will arrive and make it worse.
- 303 units
- 38-storey tower apartments
- Nine storeys
- Corban's planned storeys
- 10 minutes in afternoon
- Traffic clearance time
- Flinders and Gipps streets, Wollongong CBD
- Location
Why it mattersA developer pulling back from a project signals real market concerns. These concerns are about whether so many new apartments will actually sell. They might stay empty instead.
AustraliaWollongong residents and property investors face uncertainty over whether the city is building apartments faster than demand can absorb them.
✓ Claims checked against the source. checked 12 d ago
