Page 89 - Tropic Magazine Issue 13

ECONOMY • ANALYSIS

visitors is a precursor to further
development at the Myola site.
While this patchwork of projects
is broad and significant, perhaps
the biggest single component of
the second wave to come is the Q&A
Global Tourism Hub. Details remain
confidential, but the waterfront Stuart Ricketts
project is gaining momentum in Urban Sync
the background. The Queensland
Government has quarantined a total Tropic: Can you see further investment
area of approximately 4.4 hectares for on the horizon on the back of the
the project on Ports North land near Crystalbrook projects?
the Cairns Cruise Liner Terminal, Stuart: Definitely. The commitment by
and prospective developers have Crystalbrook to invest here is evident
been shortlisted. and this raises the profile of Cairns in
According to the government’s the tourism market both domestically
timeline for the project, construction and internationally. These projects
is expected to commence in the seek to immediately fill a gap that
second half of 2020 – less than two has been identified in the market for
years away. While he is keen to accommodation and servicing tourists
see some detail about the Hub, Cr and visitors to the region. Opportunities
Manning believes the project has on the back of these projects should be
supported by industry and government.

Will we see a second wave of
investment to help turn that around and
fire up the local economy?
I’m always hopefully a second wave of
investment is on the horizon. Obviously,
this should flow through to small
business and employment though it
really needs to expand beyond tourism
into manufacturing, education and
infrastructure delivery. It’s these sorts
of projects and industries that place
Architect impression of the new Botanica development at Caravonica
pressure on the need for services,
build demand for skilled labour and
but steady and foundations for two the potential to bring “another solid encourage greater investment in the
towers on the Spence St site are now injection of construction activity and region. Momentum builds success.
complete. The announcement of a lead confidence to the region”.
builder is expected soon as the final Cairns Chamber of Commerce What projects can you see on the
step towards the start of construction. president Nick Loukas doesn’t like horizon that will form part of this
Government projects such as the to think of the city’s upcoming ‘second wave’?
Cairns Convention Centre expansion, prosperity as arriving in waves. He The ‘big ticket’ projects are desirable
road upgrades and the dredging of prefers a more sustainable trajectory but can take years of work to be
Trinity Inlet will also contribute to of growth. shovel-ready and are susceptible to
the next phase of the city’s economic “I’d rather think the growth ahead political influence at ALL levels. For
evolution. A looming Federal is prolonged and sustained, me, I think the catalyst for future
Government election – due to be held instead of in waves,” he told Tropic. growth on the horizon is investment
by May next year – should also deliver “With stronger representation in infrastructure which translates into
major funding promises for the region and collaboration with all levels of confidence. I particularly note projects
with Leichhardt a key battleground seat government and business groups like the City Centre Master Plan (such
for the major parties. this is achievable.” as the Esplanade Dining Precinct and
The $90 million Botanica Lifestyle Time to get excited? Gallery Precinct), road upgrades such
Resort is expected to start construction as the Smithfield by-pass, Edmonton
in mid-2019 after the Caravonica MORE: tropicnow.com.au is the go-to to Gordonvale Highway and the Cairns
project was reconfigured to meet place for local economic news and Convention Centre upgrade. These
market realities and cater for the analysis projects have been around for some
growing over-55s demographic. The time and could be a trigger to encourage
proposed KUR-World development residential investment, providing solid
is also steadily progressing with its and continual economic growth.
cattle farm tourism experience gaining
momentum among Chinese visitors. MORE: urbansync.com.au
It’s hoped this growing interest among

89 • tropicnow.com.au