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Property developers want to demolish Kings Cross and turn it into high-rise apartments

When the lockout laws were first introduced in NSW there were all sorts of conspiracy theories floating around, suggesting the whole thing was cooked up by property developers desperate to turn Kings Cross in soulless, high-rise apartments.

Property prices around the Cross increased significantly immediately after the laws were passed and some property developers called the area “the hottest place in Sydney”.

Who knows if the conspiracy theories were right, but regardless it looks like the developers are set to be the big winners. The Daily Telegraph has reported on a massive $500 million deal that will completely transform Kings Cross.

Property owners in the cross, including Charlie Saleh and John Ibrahim, have reportedly signed off on a plan to sell land between Darlinghurst Road and Bayswater Road to a Hong Kong based development company. The plan is to build 500 new apartments, selling for at least $1 million each.

According to the Sydney Morning Heraldnearly 65 property owners in the Cross have signed up to plan. The development idea first started being cooked up in 2014, almost immediately after the lockout laws were passed.

The plan isn’t quite a done deal yet. The developers need the support of the City of Sydney to rezone the area to allow for high-rise, residential development. Given the opposition many local residents have towards increased density, it’s like the plans will face stiff opposition. The local member for the area, independent MP Alex Greenwich, has already tweeted his opposition to the proposal.

If the property developers get their way it will be the final nail in the coffin for the Cross, which has been the key part of Sydney’s nightlife scene for the past century. Keep Sydney Open have articulated the views of many Sydneysiders with this simple statement:

“Shout out to our government and property developers who have ruined our city. Fuck all ya’ll.”

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This article first appeared on junkee.com