A radical proposal has been put forth by Business Sydney, Business Western Sydney, and the Housing Industry Association to rejuvenate Parramatta Road, one of Sydney's busiest arterial roads. The plan outlines a vision to replicate the success of George Street in Sydney's CBD, transforming the decrepit road into a lively and revitalized transport corridor. This ambitious proposal would involve demolishing decaying buildings, closed shops, and used car yards along Parramatta Road, making way for new medium-density developments.
The images prepared by the report envision renovated vintage shopfronts lining Parramatta Road, with modern mid-rise developments situated behind them. The revitalization effort extends beyond aesthetics, as the report also suggests the construction of 70,000 new homes along the Victoria Road and Great Western Highway transport corridors. This move aims to address Sydney's housing crisis by significantly increasing housing supply.
Paul Nicolaou, the executive director of Business Sydney, expressed confidence in the potential of this proposal to revive Parramatta Road as a thriving shopping strip. He emphasized the positive impact it would have on housing supply and affordability in the city. By breathing new life into Sydney's first highway, the government could simultaneously tackle the housing crisis and enhance the appeal of the area.
By focusing on essential workers' needs, a rejuvenated Parramatta Road could potentially provide up to 30,000 housing units. To ensure the smooth implementation of this plan, Nicolaou called on NSW State Premier Chris Minns to establish an agency responsible for guiding development over the next five years. This would involve stripping planning powers from local councils and centralizing decision-making processes.
The proposal comes at a crucial time, as NSW grapples with a significant shortfall of homes. To meet its share of the Accord to build one million new homes over five years, the state needs to construct 314,000 new dwellings. However, it falls short by approximately 30,000 homes each year. In response, Premier Minns has introduced various initiatives to incentivize affordable housing construction and bolster home supply.
The potential transformation of Parramatta Road, along with the proposed developments along Victoria Road and the Great Western Highway, holds promise for both housing affordability and overall urban rejuvenation. With the government's support, this radical proposal could breathe new life into Sydney's bustling thoroughfare and set an example for innovative urban planning.