The visionary architect dreamed of a New York City in Australia, but the site of his dream became a financial nightmare for many.
It was envisaged as the New York of Australia more than a hundred years ago. Now, a group of architects, planners and mum and dad investors are working together to turn the tiny town of North Arm Cove at Port Stephens into the next Canberra or Castlecrag.
Mid Coast Council has told residents that developing the area would be prohibitively expensive, but the Simovics envisage a sustainable and regenerative bush-like community that would reduce these costs. It would be off the grid, reduce carbon emissions, and manage water use and sewage using grey water and other systems.
These homes have seen prices soar. Because of their scarcity value, land values of the homes zoned residential are about 10 times greater than the blocks abutting them that are zoned non-urban. A non-urban block, zoned RU2 Rural Landscape, has a land value of $32,500, according to the Valuer General. In contrast, the land on the lot next to it, zoned RU5-village with a detached home, is valued at $345,000.
The Cuervas thought it was the ideal place to retire, and were told council planned to revisit its rezoning by 2016.Unlike other buyers, the couple knew it wasn’t zoned residential but were told it would happen in 15 to 20 years. “It was perfect, we are going to retire, and we will have a place,” Cuerva aid. They named their block, Hope.
Changes to legislation 10 years ago has so far only resulted in the rezoning of a paper subdivision in Riverstone, which the NSW government championed. Visiting Castlecrag in Sydney’s north a week ago, the Simovics were full of hope that North Arm Cove could develop in a similar way. “It could be like this, and without the black and grey roofs of most suburbs,” said Tatyana.The topography and design of North Arm Cove is similar to Castlecrag.
She said that Griffin envisaged North Arm Cove with the deep Port Stephens as the starting point for a metropolis like New York City.
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