Seven-Tower Nova City Project Derailed In Cairns
Developers cancel seven year investment
Seven years after it was first announced, the $550 million Nova City development has been derailed.
The Cairns complex faced construction, purchasing and staffing issues since the beginning of the pandemic.
Developer World Class Global says COVID is the cause of the demise, with pre-sale buyers uncertain about what the future holds.
Despite reports that the site will be closed, Cairns Regional Council Deputy Mayor Terry James said the project is currently "on hold".
“It’s my understanding that the Nova City project is on hold, rather than permanently called off,” he said.
“We all know Covid has dramatically pushed up material and construction costs.
“And with no certainty over when the global economy will return to pre-pandemic stability, it’s not surprising that World Class Global has had to step away from the project at this time.”