A BYRON Bay company has lodged a development application with Lismore City Council to build more than 200 affordable and sustainable units at Goonellabah worth more than $20 million.
Shortly after Lismore's 2012 housing strategy identified the need for more one and two bedroom apartments in the area, Green Vision Developments Managing Director, Scott Wharton, started planning ALTITUDE2480.
After 18 months in the planning, Mr Wharton said his company recently lodged the DA to construct 222 one and two bedroom units on 12.94 hectares of land adjoining Fischer St and Casuarina Dr.
"Over my 20 years in the property industry I met so many people who were priced out of the market," he said.
"That's why the sustainability and the new type of modular construction we plan to use in ALTITUDE2480 excited me."
Mr Wharton said the development was designed to capitalise on Lismore's tight rental market.
"The region currently has a 1% rental vacancy rate, so there is a real need for new affordable living spaces, particularly for people working in key service industries on a low to moderate income," he said.
"Our apartments will start from $240,000, which offers an exciting opportunity for investors and owner-occupiers alike.
"Each living space will range in size from 80m2 to 95m2, and will feature open plan living with bamboo flooring, stone bench tops in the kitchen and bathrooms, and LED lighting."
Architect Harley Graham said the development will be the benchmark for sustainable living on the North Coast.
"The apartments will have a classic contemporary feel, achieved with a large volume of natural materials," he said.
Mr Wharton said his company was currently working with the NSW government to create a solution where the vast majority of the development will be constructed in large industrial sheds based locally in Lismore, which will create around 100 jobs.
Mr Wharton said he hoped the DA would be approved by late 2014.