Construction of the Store apartment towers is about to begin following the appointment of building firm Bloc.
The project is the final stage of the site's development, which includes the Bus Interchange, multi-storey carpark and a 15,000 square metre commercial office building.
"We're very excited to be commencing work on site and being part of the CBD's ongoing regentrification. The Store will bring much need housing to the region and NSW," DOMA Group's Newcastle Development Director, Chris Farrington said.
Construction is due to begin in late April, with expected completion in the first quarter of 2026.
The Store Residences will comprise of 352 one, two, three and four-bedroom apartments across two towers, which will be the tallest residential towers in Newcastle.
The wellness precinct at The Store will span almost one acre and include a tennis court, 25 metre pool, landscaped community gardens, children's playground, private event space, and observation deck.
Mr Farrington said Doma had been working with Bloc behind the scenes as the preferred builder since before Christmas to ensure progress on planning could continue seamlessly.
"DOMA is delighted to announce the official appointment of Bloc as the builder to complete the final stage of The Store development. This is significant news because it means we can move from pre-construction to construction," he said.
Bloc Newcastle director and construction manager Maurizio Rosin said the company was delighted to be entrusted to complete the final stage of The Store.
"This project holds great significance for the city, and we are already making preparations to ensure a seamless transition to construction," he said.
"Having worked with DOMA in the Newcastle region for nearly two decades and with the early preparation work complete, Bloc will hit the ground running when construction begins."
Australian Bureau of Statistics figures show Newcastle has led other councils in the Lower Hunter in building approvals for the past 12 months.
Despite that, NSW needs on average, 92,000 new approvals per annum over the next five years to underpin its annual housing targets.
Issues that are impacting on the housing and construction industries include the cost of development, the supply of materials, project financing, increasing interest rates and the availability of suitable land for development.
The Urban Development Institute of Australia warned in January that the state risks missing its National Housing Accord targets unless the rollout of new housing is accelerated.
"We are now in the final months leading up to the commencement of the National Housing Accord period in June and NSW is a long way behind where we need to be with approvals, commencements, and completions still in decline," UDAI NSW acting chief executive Gavin Melvin said.
"We have an ambitious challenge at hand with the State Government's commitment to deliver 377,000 homes in a five-year period. This is more than has never been built in NSW's history and will require a raft of policy changes with Government, industry and the community, working together to unlock a wave of new housing approvals and commencements."
