Iris Capital is planning to replace the Riverwood Hotel at 26 Josephine Street with a 10-storey shop-top housing development and a brand-new pub at its base.
The site holds the existing pub, its short-term accommodation and a large at-grade car park. It is 350m from Riverwood Station and 150m from the town centre.
The site is zoned medium density residential, which prohibits both shop-top housing and pubs, so the hotel currently trades on existing use rights.
A concurrent spot rezoning is proposed for high density residential, and a height increase from 8.5m to 31m.
The scheme delivers about 182 apartments, predominately two-bedrooms, with nine affordable units.
At ground level, the new Riverwood Hotel and its outdoor patron area sit alongside a 167 sqm retail premises, a 133 sqm gym and pilates studio and 140 sqm of co-working space and meeting rooms.
The building is staged so the pub never closes. The new hotel will go up in the southeast corner first and trade moves across before the old building comes down.
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