Further stages will sell an approximate 90 more apartments, bringing the total to 167 dwellings. An official public launch will be unveiled in February.
Australand Queensland general manager Nigel Edgar told the AFR: “We decided to change the mix of the project as we thought we could do a better job of it and we have adapted it to suit the current market conditions.”
“We see Brisbane as a market that will grow in the future and we think this is a really strong site and well positioned t take advantage of the current pent-up demand”.
The 1.9 hectare site is under the Story Bridge, and faces New Farm.
Australand expects the project to be completed by 2013. The development will also include pools, a recreation centre, gymnasium and riverfront kiosk.
Colliers International is marketing apartments and townhouses on the site.