More than five years after approval was granted, Geocon's "mega precinct" in Woden is almost complete.
Walls were being painted and floors cleaned this week, before residents start moving into the 856-apartment complex in the coming weeks.
The four-tower Wova development sits on the corner of Melrose Drive and Launceston Street in Phillip, on the former Woden Tradies Club site.
Alongside 802 apartments, the development also includes a 54-room hotel, to be operated by Geocon's Abode brand.
A range of businesses are expected to occupy the 22 ground-floor commercial units, including a medical business, retail shops and food and beverage outlets including Eighty/Twenty Cafe.
Wova's completion has been a long time coming, after several delays in recent years.
The development sparked a significant community response in 2018 when the plans were first lodged.
In response to more than 100 public submissions, Geocon revised the plans before approval was granted later that year.
Work finally began on demolishing the Tradies Club in 2021, after COVID-19 restrictions on construction were lifted.
Things hit a snag in 2022 when a portion of the excavation site collapsed. But work resumed and the buildings "topped out", meaning the final top layers of concrete were poured, in late 2023.
Geocon managing director Nick Georgalis said while there were initial delays, the development has been on track for two years.
"There is no question that there has been delays: COVID lockdowns, border closures, resource issues, supply chain issues, cost blowouts, and today, we're still seeing that," he said.
Mr Georgalis said it was a challenging time for construction, after a number of "highly respected, high quality companies" went into administration in the past year.
"No one wants to see that and [it is] not healthy for the industry at all," he said.
"Any business that has come through the other side of what's happened over the past few years, you can be certain that they're quite a refined, strong business."
Two-thirds of buyers are investors
Residents of the 550 apartments in the development's first stage are expected to move in by the end of June, Mr Georgalis said.
Almost a third of the buyers so far were owner occupiers and the rest were investors, he said.
Foreign investors made up about 5 to 10 per cent of sales, Mr Georgalis said.
There are about 70 units left to be sold across the development, including one penthouse apartment priced at about $1.5 million.
Developer tight-lipped on Phillip pool
Now the developer will set its sights on its next project: a $300 million development in Civic.
Work at 70 Allara Street, to be called The Grande on London, began in early 2024.
There were a few more projects in the works, Mr Georgalis hinted.
"There's a couple of other new exciting projects coming up and we like to keep our cards a bit close to our chest," he said.
It's likely one of those will be plans for the Phillip swimming pool, across the road from Wova, which the developer purchased in 2022.
Mr Georgalis said it was too early to release any details of what might be proposed for the site.
"It's business as usual, for now," he said.
"There's no change to anything - the ice skating rink, the swimming pool are still operating.
"We'll be coming out pretty soon but we certainly don't want to give anything out when we're not ready to yet."
