Multi-Billion Dollar Mt Peter.....
First stage of Edmonton’s Mt Peter residential mega-development gets go ahead by State Government.
THE first 1000 lots of the multi-billion dollar Mt Peter master planned residential development in the southern corridor of Cairns are set to start after the State Government pitched in $9 million to get the project underway.
The government is providing $9m for water and sewerage truck infrastructure for the development of the land, worth an estimated $150 million. Once underway the housing will deliver a $400m construction windfall to Cairns.
The move allows the Satterley Property Group to start the first stages of Mt Peter, which covers 3300ha and ultimately providing about 18,500 homes for 40,000 residents.
The development will lead to a new shopping centre, a Catholic college is underway with new state schools underway or planned plus about $3m in community assets and infrastructure.
It is estimated the council will received $20m and the government $20m in headwork’s and taxes, while about $25m in taxes will be paid by construction workers and homeowners will pay $2.5m a year in council rates.
Deputy Premier and State Development Minister Jeff Seeney told Parliament that it was one of the first three projects to be funded under its Priority Development Infrastructure (PDI) Co-investment Program program.
He said the program allowed the government to co-invest in start-up projects such as road, water supply, sewerage and stormwater infrastructure.
“We recognised we needed to work with councils and the private sector to get projects moving — projects to provide the catalytic infrastructure that would support growth in residential, commercial and industrial developments.
Member for Cairns Gavin King said infrastructure at Mount Peter had been talked about for many years.
“We have seen a turnaround in construction activity in the last two years, and this project will continue that solid momentum,” he said
Member for Barron River Michael Trout said the infrastructure would pave the way for much needed residential development.
“The north side of Cairns is fast running out of available land for housing, so this development to the south is definitely needed.”
Mayor Bob Manning said the government had recognised that the region was on the move.
“Council has invested heavily in the master planning project and we’re pleased to see the State Government has recognised the importance of this development by investing in the future of Cairns,’’ he said.