Construction of a $250 million Yarralumla retirement village is expected to begin by February 2023, following the completion of remediation works in the area.
The LDK Seniors' Living development on Blocks 864 and 1151 Weston Creek will include 55 town houses and 272 apartments, in a precinct named "Amberfield".
The two- and three- bedroom villas will include parking, while the apartments will be spread across four buildings with basement level car parking.
Of the apartments, 11 will be specifically suited to people living with advanced memory loss, while the development will also include a clubhouse with community facilities.
The remediation works will be to remove asbestos and other contaminants from the soil.
"We're really, genuinely excited about the project, we've worked so hard on it for a couple of years and we've grown a strong brand," LDK CEO Byron Cannon said.
"We're really proud of what we've achieved so far in Canberra, but this is really transformational for us and our business, and enables us to to expand."
"We would hope that the first stage would open around March 2024, but the full construction is probably about a four-year construction phase," Mr Cannon said.
The company has already established retirement villages in Tuggeranong and Sydney's upper north shore.
"There's a huge under supply of quality, seniors living within Canberra, so we feel it'll be a really good piece of community infrastructure."
LDK received the green light from the National Capital Authority in June 2022, but has since received an interim permit from the ACT government for adjoining land required for bushfire mitigation.
"That has enabled us to settle on the the acquisition of the large parcel so we can get work underway," Mr Cannon said.
The company has taken deposits for 34 home already, he said.
"There's a huge under supply of quality, seniors living within Canberra, so we feel it'll be a really good piece of community infrastructure."
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