Construction of The Quarter development in central Wodonga in its present form has been abandoned by the Criterion Property Group.
Subscribe now for unlimited access.
or signup to continue reading
The halt to the redevelopment plans for the land, which once housed Wodonga's police station and court, follows work having stopped on the site earlier this year and the city's council granting an extra 12 months for its completion.
Criterion director John Mooney cited economic reasons for the termination in announcing the move in the late afternoon of June 27, 2024.
"Unfortunately, at this stage in time we are not able to progress with the construction of The Quarter development," Mr Mooney said.
"The costs, particularly construction, have risen significantly since we started this project and unfortunately this has not been offset by sufficient market price increases.
"This is a similar problem facing many in the development and construction industries across the country.
"We have experienced some very trying conditions over the last four years which could not have been foreseen and which materially changed the market for us.
"We believe we have tried everything we could to try to make it work, investing significant time and money.
"So, this has not been a decision taken lightly but is one we are certainly very disappointed about.
"I put a hell of a lot of work, money and effort into the project, but it's got to the point where we can't proceed with it."
Mr Mooney said alternative options for the site would be canvassed with the council, which was informed of The Quarter's demise on Thursday morning.
"We have experienced a good relationship with the council's planning department and will continue to work closely with them to explore options for the site that may be viable," he said.
Asked if that meant the land would be put up for sale, Mr Mooney said he could not say.
When the sod was turned on the project in September 2023, contracts had reportedly been signed on half of the then proposed 28 units, equating to 50 per cent of the apartments.
Mr Mooney said if sales contracts were terminated every buyer would receive a refund of their deposit.
Those monies are being held in a trust account and are subject to a legal process.
The disbanding of The Quarter in its existing form follows a yo-yo period for the project which began when Criterion bought the land from Wodonga Council in late 2019.
It also follows a long struggle to develop land in the nearby former railway land for housing.
