Construction on the $800 million Hassell-designed Ribbon building could be closer to getting started after reports the project has been financially backed by large international property group M&G Real Estate.
The Australian Financial Review and The Australian reported that the project’s developers Grocon and Markham Corporation were receiving the backing on condition of the tenancy of the project. The prospective tenant is reported to be big-four bank Westpac.
The building is named after its unique sculptural shape that curves like a ribbon bordering the Darling Harbour precinct.
The proposed building will replace the current IMAX building in Darling Harbour. If constructed, the project will redefine the area and provide a link between the CBD and the proposed new International Convention Centre Sydney (set to completed in 2016) as it rises up between two elevated roadways. The newly developed $6 billion Barangaroo Point is also nearby, designed by well-known international landscape architect Peter Walker.
The Ribbon will be used for residential, commercial and entertainment purposes and will provide around 74,000 square metres of floor space.
Grocon was unavailable for comment.
