BRISBANE developer Di Carlo Property Group will deliver a slice of Manhattan on a historic site in Bulimba after gaining development approval for a $50 million luxury residential project.
The TriBeCa Terraces development will comprise 53 freehold two- and three-level terrace homes on a 6827sqm site that stretches across an entire city block from Banya Street to Johnston Street.
The site, previously held by one of Brisbane’s longest-established real estate families, housed a naval warehouse during World War II and later was used as a storage yard for downed military aircraft recovered by allied forces from the battlefield.
It is currently occupied by a self-storage facility.
Di Carlo Property Group, which has focused heavily on the Bulimba area over the past 30 years, has embraced the historical significance of the site with plans for a commemorative salute to the wartime history to be included at TriBeCa Terraces.
“We’ve been a part of the changing face of Bulimba for some time now and recognise the importance of maintaining links with the past,” said group director Joshua Di Carlo.
“The area is gradually shedding its industrial heritage and there’s no denying that this property offers a rare development opportunity in the current market.
“It’s increasingly difficult to find redevelopment sites of this scale in the city’s inner east, so that’s led us to take a new design approach with TriBeCa Terraces.
“We are acutely aware of what is available in the area and believe TriBeCa Terraces will offer a unique point of difference to buyers looking for a sophisticated inner-city lifestyle.”
Inspired by the upscale urban neighbourhood of TriBeCa in New York City, the project heralds a fresh style of inner-Brisbane residence by blending premium multi-level living with the advantages of a freestanding home.
“The Americans played a big part in Bulimba’s wartime past, and we want TriBeCa Terraces to keep a little piece of that history alive,” Mr Di Carlo said
He said TriBeCa Terraces has already created significant interest from potential buyers ahead of its official launch.
“Demand for functional, upmarket housing is on the rise, and these are the fundamentals driving the Bulimba residential market particularly among owner-occupiers,” he said
“There’s nothing like TriBeCa Terraces in Bulimba and early buyer interest in the project has been strong in the lead-up to the official launch in June.”
Each terrace home will have three bedrooms, a master ensuite and study nook along with courtyards and multiple balconies.
Some homes will have a roof deck where residents can entertain or relax with views across to Hamilton.
The TriBeCa Terraces’ site is in walking distance from Bulimba’s retail hub in Oxford Street and the Apollo Road Ferry Terminal.
Construction on the project is expected to start later in the year.
TriBeCa Terraces is among an extensive portfolio of residential, commercial and mixed-use projects undertaken by the family-owned Di Carlo Property Group across South-East Queensland since the mid 1980s.
Its residential developments encompass townhouses, apartments and land subdivisions, with recent projects including Ebony + Ivory at Coorparoo and Element Bulimba.
The company was founded by brothers Mario and Angelo Di Carlo who followed their father into the construction industry.
Their sons Joshua, Nathan and Alfio, who represent a third generation of Di Carlo family construction and development professionals, have since taken a hands-on role in the company.