Multi-million

By Melissa Meehan
A $300 MILLION dollar redevelopment in the heart of Narre Warren has been put on hold as the agreement with proposed developer Consolidated Properties Group has now expired.
The City of Casey launched its $300 million vision for the new main street retail and mixed use development at Fountain Gate in Narre Warren in February last year.
The development, Casey Main Street was set be one of the largest projects to take place outside the Melbourne CBD, integrating a variety of existing and proposed retail, civic and community lifestyle and leisure opportunities.
City of Casey mayor Lorraine Wreford said the global financial crisis had severely impacted on the council’s preferred developer resulting in a decision to formally terminate the agreement that expired on 30 November 2009.
“Unfortunately, due to the global financial crisis, the developer elected to focus on its core business of funds management and no longer property development,” Cr Wreford said.
It is believed the council will review its position in relation to the project and council officers will prepare an updated report by April next year.
Councillors will then review their position in relation to the project, taking into account enhanced development potential of the site and other limitations.