The $2 Billion Stadium and Entertainment Precinct concept was discussed on last Friday (26 May), when the State Government Deputy Premier Jackie Trad and Treasurer Curtis Pitt met with Harvey Lister chairman of Brisbane-based company Anschutz Entertainment Group (AEG) subsidiary company AEG Odgen.
Known as ‘Brisbane Live’ the concept was presented to the Queensland Government for a 12 month review in May 2016, as a market-led proposals scheme to encourage private initiatives. The meeting reviewed the progress made and received essential feedback.
Reported by Brisbane Times, AEG Ogden representatives were encouraged by the response and “it was understood all parties were encouraged by the progress”.
Deputy Premier Jackie Trad also commenting that “Brisbane Live was a good fit for the government’s aim to ensure high-quality development in Brisbane. I look forward to further discussions with AEG Ogden to look at what may be needed to bring the concept to reality.”
Mr Lister stated the meeting with the State Government as “positive, it was a chance to update the government on the significant progress we have made so far”. The opportunity to directly brief senior government ministers was welcomed. “We have engaged specialised property and investment firm JLL to undertake further work on funding options and economic impacts. I look forward to meeting with the government again in a few months when that work is completed.”
Treasurer Curtis Pitt stated, “Brisbane Live is an exciting idea, and has moved on considerably since it was first proposed,” The meeting on Friday was consider to be “very constructive and we have agreed to continue exploring options for progressing the concept including financing options.”[espro-slider id=11699]
The scheme has been modelled off ‘LA Live’ which has found success in providing the Staples Center (sports and concert venue), encouraging surrounding redevelopment that is pivoted on rail transportation in down town Los Angeles. Similarly, the Brisbane Live would allow Brisbane to host more major concerts, sporting events and surrounded by pedestrian linked spaces from King George Square to Suncorp Stadium.
Reported in May by Courier Mail, “this week’s meeting is likely to see it move to stage two, fine tuning the project details including due diligence”. In an interview with Harvey Lister, it was stated “We are quite optimistic Brisbane Live is now receiving the focus it need within the State Government to enable it to happen”.[espro-slider id=11690]
The AEG Ogden project team has now engaged JLL Australia to seek investment opportunities surrounding the arena (hotels, apartments, restaurants, shops, offices, education or research facilities) with the proposal driven by the vision to align with the opening of Brisbane’s new $3 billion riverside casino-resort. Mr Lister stated “the redevelopment concept for the whole of the Roma Street site is a truly unique one-in-a-lifetime opportunity and we believe its time has come’’. “The ability for the Brisbane Live project to activate the night-life economy of the CBD to support the new Queens Wharf development is a compelling factor.’’
Stephen Conry chief executive of JLL Australia described the proposal as “a terrific vision to unlock an enormous and under-utilised part of the CBD” referring to the open rail yards at Roma Street Station and the investment opportunity the project would bring, similar in the US, “LA Live has transformed an unsavoury part of that city into an extremely successful venue and AEG Ogden’s vision can mirror that impact.’’
He outlined the proposal as the missing link in an ‘an emerging jigsaw’, in the ultimate entertainment corridor stretching from Suncorp Stadium, Roma Street Parklands, South Bank (Preforming Arts and Galleries) Queens Wharf and to the Gabba.
Brisbane Live May 2016 Announcement below
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