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The New South Wales (NSW) government has chosen multinational property company Lend Lease Group to develop a $1.05 billion convention and entertainment complex — as well as a $1.55 billion convention hotel — in Sydney
, Lend Lease announced this week.
A public-private partnership, the hotel portion of the project will include a 900-room hotel with approximately 1,400 residential apartments, 75,000 square feet of student accommodations, 23,000 square feet of retail space, 49,000 square feet of commercial space, a 400-spot parking garage, and up to 6,500 square feet of community space and public realm upgrades.
The project's convention and entertainment complex, meanwhile, will include a convention facility capable of holding four fully concurrent events of more than 12,000 attendees; 131,000 square feet of exhibition space; a 16,000-square-foot outdoor event deck; a red carpet theatre with capacity for 8,000; and a grand ballroom for banquets of more than 2,000 people.
"ICC Sydney is destined to be a showcase international venue in one of the world's leading cities," said Harvey Lister, chairman and CEO of venue management firm AEG Ogden, which the NSW government has chosen to manage the completed facility. "Utilizing our international operational and marketing experience and our global venue network, we plan on taking the meeting and events business to a new level through ICC Sydney."
Although financing on the project is scheduled to close in late 2013, construction isn't expected to commence until December 2014.