Following a determination made by Bega Valley Shire Council (BVSC), developer Core Asset Development (CAD) has gained approval for the development of a $100million, four-tower complex known as "The Sapphire of Eden".
CAD said the development will "re-shape and revitalise Eden as a major regional centre in NSW" and construction was expected to commence on the residential, hotel and hospitality complex in December 2021, with completion due in early 2023.
Construction of the project is expected to generate 1043 jobs, and 80 ongoing jobs locally.
CAD was previously granted development approval for a 82-room, five-star hotel and a 300-person function and wedding centre, restaurants, bars and wellness centre to be built in one of the towers, to be managed by Radisson by Individuals, with its opening expected late next year.
The development is located on the old Eden Fishermen's Recreation Club site on Imlay Street, covering 10,000 square metres.
"We are excited to win approval and are ready to commence employing local tradesmen and sub-contractors in the project, which will give the South Coast a much needed, private sector shot in the arm in providing tourist and residential accommodation," Managing director of CAD Mark Toma said.
"Apart from the generation of jobs and investment in the region, we also expect The Sapphire Of Eden will relieve pressure on renters with more affordable residential stock on the South Coast, which has experienced surging real estate prices", Mr Toma said.
CAD said Eden and the rest of NSW's South Coast were "riding the wave of popularity as a result of greater domestic travel during the COVID pandemic, as well as being boosted by $200million worth of federal, state and local government spending on major projects, including the new international cruise terminal and other infrastructure".
Three of the five-storey towers will feature one-bedroom, two, three and four-bedroom apartments, a heated pool, gym and barbecue areas in a fully secured precinct, with buyers now able to secure a property by visiting www.thesapphireofeden.com.au.
The apartments will have coastal and mountain views, and many are, "expected to be purchased by locals who are seeking to stay in the area when transitioning from their existing homes or looking for an investment with strong rental demand," CAD said.