It's off: Carlton brewery site goes flat

On hold .. the development of the former Carlton United Brewery site. Photo: Ben Rushton

Earthmoving equipment is still levelling the 5.8 hectare block on Broadway at the southern end of the city, but the developer, Frasers Property, says the $2 billion project will remain on the drawing board until there is a substantial improvement in the economy here and abroad. A spokeswoman for Frasers said yesterday the company still planned to lodge project applications in the middle of the year, but agreed there was no longer a firm date for construction to begin.

She said the decision to put the project on the backburner had been announced by the company's owner, Dr Stanley Kwek, last week.

"It would not make sense to launch a major project when there is so much uncertainty about employment and difficulty getting finance," Dr Kwek said in an interview.

"Until calm returns to the market and people are secure in their jobs, new developments will be in a moribund state for some time."

Dr Kwek said the financial crisis had forced him to stop projects in Britain, and until banks were lending money more freely development projects like the CUB could not proceed.

The decision to defer construction has prompted the State Government to refuse an application to excavate parts of the site to avoid any prospect of another World Square, where a large hole lay empty for years before the economy improved and a tower was built over it.

Source: http://www.smh.com.au/national/its-off-carlton-brewery-site-goes-flat-20090416-a8wn.html