$400m Brisbane housing development commences
A $400 million construction project to redevelop dated public housing will boost the Brisbane residential property market - creating more affordable accommodation choices in the city's south side.
Announcing the commencement of works today (August 28), state minister for housing and public works Bruce Flegg said the Cornerstone Living development would help address the affordable housing shortage.
"More than 1,000 new apartments and townhouses are planned, with 15 per cent (around 135 properties) earmarked for affordable housing," Mr Flegg explained.
The redevelopment of the Coopers Plains housing estate will include the construction of a new social housing complex, purpose-built for seniors.
Mr Flegg said over the next decade the sale of vacant government land at the site would raise millions to fund more housing projects across the city.
"On a conservative estimate that amount of money will equate to at least 250 new dwellings," he added.
"Nobody will be left without a home. This is a win-win situation for everyone."
Occupiers of older rental properties due for redevelopment will be offered better dwellings in the same neighbourhoods.