THE developer of a residential subdivision, approved south of the city this week, says Coffs Harbour's strength as a fast-growing economy justifies a multi-million dollar property investment above Stadium Dr.
Approved by the Joint Regional Planning Panel, the 221-block housing project known as Elements at Coffs Harbour is funded by Australia-wide investors and private superannuation funds.
The developer, Rob Yandell, said stage one construction on the 32ha tract of land would start later this year and offer to the market 600-700sq.m blocks priced between $185,000 and $220,000.
"We secured the site last October and have been working for 12 months through the DA process with Coffs Harbour City Council and we are extremely excited that this development can finally proceed," Mr Yandell said.
"We applied for 226 blocks and begrudgingly gave away five in the process to get things right.
"We have been able to preserve most of the trees on the site and most of the ecological value, donating twice as much land to the council as we were required to do.
"The council was tremendous in their handling of this application and full credit goes to them.
Road access to the subdivision will come from Stadium Dr via Ted Ovens Dr.
"Up on top of this hill the views are unbelievable. It's a 360-degree vista looking out to the Pacific Ocean, over to the banana hills in the west and south, and to the district hills to the north and west," Mr Yandell said.
"We named it Elements because as an estate it has just that - all the elements.
"We are confident the land will sell over the next four years and already local building firms have purchased blocks to build display homes.
"Coffs Harbour is earmarked to be one of fastest growing areas in Australia," he said.
Joint Regional Planning Panel chair Garry West said the development application complied with all applicable statutory planning legislation.
"The residential subdivision would generate employment during the civil works and housing construction phases and would support the Coffs Harbour City Council's planned growth of the area," Mr West said.
Marketing agent Jenny Bonfield of First National Coffs Harbour said the estate's advantage was its close proximity to the city centre, health and education campuses, the stadium and beaches.
"With projections that Coffs Harbour's population is currently growing at about 2% per year, it's important our area has new residential estates to house a larger population," Ms Bonfield said.
The land is known to hold Aboriginal significance.
After consultation with the local Aboriginal community, the developers say they will name a road on top of the ridge the Singing Track.
A knob on the hill that once served as the site of Aboriginal ancestral camps sites will be developed into a public park.
Fellow developer George Daoud, who is investing in the Equinox at Park Beach with First National, inspected the land release and said he too had strong faith the Coffs property market was a growth region.