The developers behind a Baranduda estate have launched a last-minute bid to buy the old Wodonga pool site, despite Wodonga Council having already announced its intention to sell the site to Sydney-based developers.
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In a submission heard by council in a specially convened meeting on Monday, ResCom offered to pay $3.589 million for the Stanley Street and Elgin Boulevard sites, $39,000 more than Criterion Property and Capital's $3.55 million offer.
ResCom's Brad Matthews said if successful, they wanted to create a 'vertical village' across the 17,000sqm combined site, including an aged-care facility, art-house cinema and student accommodation.
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He said the site would be made up of three distinct precincts off Stanley Street, Smythe Street and Elgin Boulevard respectively, which meet in a combined open 'green space'.
Along Elgin Boulevard there would be a 'stay and play' precinct consisting of serviced apartments, a boutique cinema, lane-way eating, a restaurant and a four-star hotel with function room.
Smythe Street would feature an education and office precinct with student accommodation, corporate offices and an early learning centre while Stanley Street would consist of a residential precinct with apartments, retirement living and 'vertical aged care'.
Council has been on the hunt for a buyer to develop the site since it was rezoned in 2009, allowing for future development.
In August, Wodonga Council passed a resolution behind closed doors identifying Criterion as the preferred purchaser.
The decision was revealed in October and council advertised its intention to sell the site, known as CBD West, to Criterion and called for submissions.
The document said the sale was conditional on Criterion procuring pre-lease or pre-sale commitments from third parties on at least 50 per cent of the future floor space.
Speaking in October, Criterion director John Mooney said there was broad potential for the land and the company would be putting together a master-plan.
Mr Matthews said ResCom would not have any pre-leasing or pre-sale conditions on the sale.
"Financially [our proposal] is better across the board," he said. "We've been working up here a few years now, we believe in the area and we will back ourselves on the purchase of the site without looking for any pre-sales or pre-leasing."
The matter will return to council on December 9.
Digital journalists with The Border Mail.
Digital journalists with The Border Mail.
