SUBIACO-BASED property syndicator Australasian Property Investments Pty Ltd has released the plans for its $150 million Subi Centro development on the former site of refrigeration company, Arcus Australia.
Plans for the development, which have been lodged with the Subiaco Redevelopment Authority, include five buildings with 100 apartments, townhouses and two-storey studio apartments with mezzanine lofts.
About 10,000 square metres of office space will also be built, along with a 600sqm focal building with an open-air rooftop cinema, cafe and ground floor retail area.
API is also in discussions with the University of Western Australia to create an artist-in-residence program within the development, which would use a charitable foundation to provide affordable housing for students.
The fund, which is expected to be a one-off payment of about $750,000, would support the lease of five studio apartments for at least five years, according to API's economic modelling.
API director Adam Zorzi said the aim of the residence program was to get a diverse range of people living in the complex.
"What we propose is that the university create a foundation that we then contribute money to, including our [public] art contributions," he said.
"That foundation can then use the funds to subsidise rents in the development. We'll sell the apartments and studio units to investors, who can then sign long-term leases with the foundation."
Mr Zorzi said the accommodation would cater for a range of students, including post-graduates, across disciplines such as architecture, landscape architecture, creative writing and art.
In total, 30 per cent of the 10,000sqm site will be publicly accessible space.
Called the ARCUS quarter, the project is slated for completion in late 2011.
Elsewhere in Subi Centro, the ongoing standoff between the City of Subiaco and the Subiaco Redevelopment Authority (SRA) over the China Green site is yet to be resolved.
A redevelopment of the area has been on hold since a stalemate developed earlier this year between the two organisations, with the city opposed to the height and scale of buildings in the plans for the four-hectare site.
City of Subiaco Mayor Heather Henderson said the city was waiting to schedule a meeting with new Planning Minister John Day to resolve the issue
