REVEALED: Coast turf club’s giant hotel resort
A CASHED-UP turf war is brewing over who can develop the Gold Coast's racing precinct first, with two rival developers both planning large-scale projects.
Victorian developers Nick and Michael Corcoris has unveiled grand plans for a giant hotel and residential complex at the Gold Coast Turf Club.
The Corcoris Group's proposed three-tower development will overlook the track and is proposed for a site on the club's southwest side.
Its chief rival is Aquis Group - the turf club's naming-rights sponsor - which is eyeing off plans for a residential and resort project of its own. Aquis wants to build on the Racecourse Drive site's northern side where the dome currently sits.
The Bulletin understands The Corcoris Group, which owns its 12,230 sqm site, has been in negotiations with the turf club about a joint venture but no agreement has been struck.
Aquis meanwhile is understood to be rapidly formulating its own project with development partner Aniko, headed by George Mastrocostas.
No details have been revealed about this project either but it is believed to include a hotel and some residential offerings.
The turf club has veto rights over any projects which would border its track and will ultimately decide whether either of the projects - or both - go ahead.
Gold Coast Turf Club CEO Steve Lines confirmed a planned redevelopment of the club would take a significant step forward within days when its business case will be submitted to the State Government for approval.
"The Turf Club has a masterplan which involves racing infrastructure and non-racing infrastructure," he said.
"The racing infrastructure plan is all but going to Treasury before Christmas which will include new track upgrades, an all-weather racing track, lights and a tunnel.
"The non-racing infrastructure, entails the opportunity around devolving an on-site hotel and residential facilities.
"Further down the way there would be opportunities for car parking and potentially other developments which could include some retail."
Corcoris Group filed its development application with council on Monday, with planning documents showing the site would include:
• Three towers, including a six-storey hotel and two five-storey towers connected by a podium;
• The hotel will have 111 units (all one-bedroom) while there will be 109 residential units (with a mixture of 1-3 bedrooms);
• A 438 sqm function centre overlooking the racecourse. It will be operated and managed by the hotel but can be hired out by the public;
• Four retail tenancies on the ground level;
• An Infinity pool overlooking the racecourse;
• A rooftop restaurant and deck overlooking the racecourse and Gold Coast skyline;
• A total of 341 car parking spaces are proposed, 183 of which are located in the basement, while the remaining 158 spaces are at the ground level.
Corcoris Group did not respond to requests for comment by the Bulletin yesterday.
However, the project is expected to have a rough trot through the council approvals process, with issues including the strain it would place on road infrastructure. Its proximity to the Benowa effluent repump station and Boral concrete batching plant also among issues.
The same issue would not be faced by the Aquis project, considered far enough away.