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Developer Wins Approval for $500M Project in Australia

BURWOOD, AUSTRALIA-Publicly held Reading International of Los Angeles receives Victorian State government approval of its plans to develop its approximately 50-acre property in this Melbourne suburb with a mix of residential, office, retail and recreational components.

By Brian K. Miller | Updated on February 21, 2006

BURWOOD, AUSTRALIA-Australia’s Victorian State government has generally approved a $500-million, 50-acre mixed-use development in this Melbourne suburb. The developer is publicly held Reading International Inc. of Los Angeles, which estimates that 430,000 people live within five miles of the site and 70,000 people pass by it each day.

With the approval, the site was rezoned to allow for a mix of uses, including retail, entertainment, commercial and residential. Reading anticipates that the project will be constructed in multiple phases to commence late this year and take nine years to complete. The company speculates that the property could be worth $250 million more than it cost to develop by the time it is completed.

While the overall issues pertaining to the site have been resolved, each individual phase will still require the approval of specific development plans. The remaining issues relate principally to project and building design as opposed to land use issues, according to Reading officials.

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