Makris Group, the South Australian property developer is reportedly in negotiations with creditors to support its $500 million development of Gold Coast’s Marina Mirage shopping precinct.
The developer says it can make the project happen in spite of the prospect of additional interest rate rises in the months ahead, according to Real Commercial.
The firm, led by billionaire property tycoon Kostas “Con” Makris has lodged its proposed plans with Goal Coast Council, the expansion tipped to include a luxury hotel, retail outlets and restaurants as well as 90 luxury apartments.
Makris Group relocated its corporate headquarters from Adelaide to the Gold Coast in 2013; having since sold of most of its shopping centres in the South Australian capital.
Chief executive Jason Makris, Con’s son, told Real Commercial construction is expected to commence as early as next year.
“While we’re still pending council approval, we’re exploring a range of options to ensure the success of the Marina Mirage project,” he told the commercial news outfit.
He says his family’s sureness in the region is buttressed by its decision to move their corporate operations to the state in 2013.
“The Gold Coast is a tourism mecca with a predicted population growth of one million people in the next 25 years.”
Calling it a luxury market with “strong signs of resilience post-Covid,” the Makris CEO says he believes “the market will continue to present attractive opportunities for investment.”