Crystalbrook Collection owner Ghassan Aboud has made another extraordinary investment in Cairns, purchasing a major CBD site with plans to develop commercial facilities, a multi-level residential tower and a 3.5-star hotel.
The development will be built on a prime site between Grafton and Lake Sts, close to the Event Cinema complex, and takes the total investment by Mr Aboud to an estimated $700 million in TNQ.
Mr Aboud will visit Cairns this week to inspect the site and get an update on progress for the existing three Crystalbrook Collection developments.
Crystalbrook Collection CEO Mark Davie said the company was still determining its plans and timeframes for the new development.
“We hope to be able to release full details on the complex to the public in mid-2018 and envisage construction commencing by the end of 2018," he said.
"At this stage we are yet to establish a completion date.”
In a statement, Mr Aboud said he was excited to expand his investment in the Tropical North.
“This is a great time to be growing in Cairns and a prime opportunity to diversify with the addition of commercial property as well as affordable accommodation,” he said.
Recently ranked as the most influential person in the region in Tropic’s Top 50 Power List, Mr Aboud's suite of local developments and properties includes three CBD hotels, the Port Douglas Marina (renamed Crystalbrook Superyacht Marina), outback station and luxury accommodation Crystalbrook Lodge, as well as superyacht MV Bahama and other cattle-related properties.