AusLeisure

Melbourne-based developer Grocon is advancing plans to build a new $800 million retail, hotel and apartment complex on the site of the IMAX Sydney theatre.

Grocon bought the IMAX Sydney site for just over $70 million in October when it exercised an option to buy 100% of the block from previous co-owner Markham.

Since then it has been considering a range of options to redevelop the site of the 'world's biggest screen' known for presenting 3D films and movie blockbusters.

A development application was lodged for the site in 2013 and planning approval was granted in 2014 for an office, retail and multiscreen complex called The Ribbon.

However, as part of the ongoing encroachment of commercial developments onto former leisure land at Darling Harbour that has already seen the Sega World site lost to office space and will soon see the site of the former Sydney Entertainment Centre redeveloped for residential and commercial use as part of the Darling Square/Haymarket development, it appears Grocon now favours a 400-room hotel and serviced apartment development.

Talking recently to the Sydney Morning Herald, Grocon Head of Development Dan McLennan explained "multiple uses are permissible on the IMAX site, with the exception of residential.

"With the completion of the International Convention Centre (Sydney) ... next year and the fact there is significantly increased market appetite for hotels, we have decided to explore this as an option."

Grocon's 2014 plan received conditional approval from the NSW Planning Assessment Commission for the demolition of the existing IMAX building and surrounding structures and the subsequent construction of a 20-storey cinema and commercial office tower, a separate two-storey building and public domain and landscaping works including new paving, a new children's playground, relocation of the existing carousel and relocation and upgrading of the existing palm grove.

In its decision, the Commission acknowledged Council concerns relating to impediments of pedestrian flows and disruption of sight lines and visual permeability as a consequence of the building footprint.

At the time, Grocon Chief Executive Carolyn Viney said The Ribbon would be an "iconic landmark", adding "this is a major milestone in our journey to bring new life and renewed investment into a prized aspect of Sydney and the magnificent Sydney harbour foreshore."

The IMAX Sydney site is flanked by two expressways and the Darling Harbour foreshore.

Images: Grocon's planned The Ribbon development at Sydney's Darling Harbour (top) and IMAX Sydney (middle and below).

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