Glen Brown, CEO and Director, of the retirement village owner and operator, said the demand to move into Esperance Hope Island in the Gold Coast is behind its decision to scrap approved plans for a retail and commercial hub at the bottom of the $250 million vertical village.
“The exceptional interest we have received in Stages 1 and 2 of Esperance means we are planning to reallocate space previously intended for retail and commercial to residential living, which will help to meet the strong demand for high quality retirement living on the Gold Coast,” Glen said.
Reside Communities, backed by Brisbane-based real estate fund manager Green Fort Capital, has gone back to Gold Coast City Council to state the retail and commercial hub, approved in 2019, is unviable.
“The economic needs assessment has identified that based on the retail supply-demand analysis, there is no economic need for the approved retail floorspace at the subject site,” a report to council states.
The first 70 residents moved into Esperance's first tower in May 2023, with the majority being locals. Stage 2, featuring 77 apartments, is nearing completion with design and interior work by ThomsonAdsett. The retail and commercial hub was for Stages 3 and 4, which also includes an aged care component.
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