NEW research has confirmed the economic potential of Devonport’s Living City Waterfront Precinct development, according to the Devonport City Council.
The report, prepared by independent global hotel consultancy firm Horwath HTL, confirmed there was sufficient demand to support up to 200 rooms at a 3.54.0 star standard, as part of the new development.
The council is in the final stages of selecting an architect to prepare concept plans for the project.
It said that within the next six to nine months, council would be able to formally seek expressions of interest from hotel developers.
The waterfront precinct is proposed to feature the hotel as well as new public outdoor spaces, cafes, restaurants and apartments.
It is proposed to be delivered as stage 3 of the Living City project, following completion of the stage 1 civic and stage 2 retail precincts.
The entire project is estimated to cost $250 million with money from the federal and state governments, the council and private investors.
However, there has been growing concern from some ratepayers and even some councillors that the council can’t afford to borrow its share, a claim denied by mayor Steve Martin who said any debt would be serviced from income the project would generate.