James Packer’s Crown Resorts will today begin the formal planning process to build a $2 billion casino and resort in Sydney’s Barangaroo, after the NSW government and developer Lend Lease finally struck a deal that would allow the project to go ahead.
Development of the tower, to be called Crown Sydney, was delayed because of a legal dispute between the NSW government-run Barangaroo Delivery Authority and Lend Lease, which controls the $6bn commercial precinct.
Crown Resorts chief executive Rowen Craigie said the agreement was a major step forward in the development of the six-star resort.
“Crown will now begin its own planning application processes with the NSW Department of Planning and Environment,” Mr Craigie said.
Lend Lease and the BDA were first involved in a legal dispute then in settlement talks regarding the profit the $9.8bn developer would share with the government for the construction of the first two major office towers.
There were also negotiations between Crown, Lend Lease and the BDA regarding a planning of the precinct, after the NSW government rejected initial plans to build the hotel on a pier over the harbour.
With the dispute settled, Lend Lease yesterday submitted a modification for planning controls for the precinct, which would include moving the casino and hotel on to the harbour foreshore.
This article first appeared in The Australian Business Review.