Private consulting firm to undertake economic analysis of Nowra CBD
May 23, 2012
Shoalhaven City Council have engaged consulting firm AEC Group to undertake an independent analysis of development economics in the Nowra CBD.
Currently, new developments in the Nowra CBD increasing the demand for car parking are required to provide car parking on the site of the development or make a contribution toward Council’s costs in building new car parks.
One of the aims of the study is to determine the extent to which these requirements act as a deterrent in the redevelopment and enhancement of the Nowra CBD. The study is also aiming to identify alternative approaches to infrastructure funding for future CBD development scenarios.
Shoalhaven City Council Director of Strategic Planning, Peter Adams said the need for the study was identified as an outcome of the Nowra CBD Urban Design Master Plan.
“The Nowra CBD Urban Master Plan provides a framework and strategic direction to help revitalise and encourage further development of the Nowra CBD,” said Mr Adams.
“The independent economic analysis of the Nowra CBD is being undertaken to help identify these future development scenarios and determine the extent to which contributions to infrastructure act as a deterrent to development.
“It is hoped that this study, used in conjunction with the Nowra CBD Urban Master Plan will identify the actions needed to facilitate further sustainable development within the Nowra CBD.”
“AEC Group is well qualified to undertake this study to provide independent advice to Council based on the circumstances confronting potential developers in Nowra CBD.”
Key components of the analysis include -
• Consultation with local businesses, the Shoalhaven Business Chamber, Ratepayers Association and development industry groups via two workshops and a series of one on one discussions.
• A market based assessment into the viability of property development in the Nowra CBD.
• The identification of alternative approaches to infrastructure funding as alternatives to development contributions for future CBD development scenarios.
For information on how to participate in the local businesses and development industry group workshops and discussions please contact Michael Park on 4429 3596.