Legislative Assembly for the ACT: 2008 Week 2 Hansard (4 March) . . Page.. 425..
MR STANHOPE (continuing):
relevant cooperation programs to continue to address the remaining differences. States and territories have endorsed the changes by gazetting the regulations in the respective gazettes or, in the case of the ACT, by notifying instruments in the ACT Legislation Register.
Statement by minister
MR STANHOPE (Ginninderra—Chief Minister, Treasurer, Minister for Business and Economic Development, Minister for Indigenous Affairs, Minister for the Environment, Water and Climate Change, Minister for the Arts): I ask leave of the Assembly to make a statement concerning the development of Crace.
MR STANHOPE: In November 2007, I announced that the ACT government had selected a consortium of Canberra Investment Corporation, Defence Housing Australia and PBS Property Group, to be known as Crace Developments, to participate with the LDA to develop the new Crace estate as a joint venture. The joint venture documents were executed between LDA and Crace Developments on 16 January 2008. Under section 99 of the Financial Management Act, as the responsible minister, I am required to present a statement to the Assembly which sets out the details of the agreement.
Crace is located in south-west Gungahlin, is bounded by the Barton Highway, Gundaroo Drive, Nudurr Drive and the Canberra Nature Park, is close to the Gungahlin town centre, Belconnen and Dickson, and is just nine kilometres from Civic. The estate is set to become a high-quality residential estate of approximately 1,200 blocks, with a strong focus on sustainability and urban design.
Similar to the development of the new suburb of Forde, Crace provides the opportunity for the private sector to enter into a joint venture with the LDA to establish a quality residential development which will showcase the latest in sustainability and offer a range of allotments and housing options to address affordability. The affordable housing proposal by Crace Developments will provide at least 15 per cent of the blocks to be released for affordable housing, which is in line with the affordable housing action plan.
Crace will be delivered in stages over an estimated six years, consistent with identified market demand. It is expected that the first release will occur later this year. It is expected that the development will provide sizable economic activity, estimated at $350 million.
Crace Developments was selected as the successful tenderer following a national call for expressions of interest. By proceeding to joint venture with Crace Developments, the joint venture will deliver to the Canberra community a high-quality residential development with superior urban design and amenity; efficient subdivision design which will reduce infrastructure costs, improve and enhance affordability; a range of allotments and housing types to meet the needs of most household types; demonstrate