The Crean family had owned the property at Spruce and Broadway for a very long time. To increase the value of their holding, they started work to redevelop the site into a boutique residential building with commercial/ retail space on the ground floor. They went to work, demolishing the existing building on the site to prepare the site construction, after a quick pre-sales period. After all this preparatory work, the project was released in 2008 into a very difficult market. With the current market conditions, pre-sales were difficult to achieve. The trouble was the existing building onsite had already been demolished and the land was not providing any ingoing income. The project was viable, but needed some help.
Intracorp partnered with the Crean family. The Creans contributed the land as their asset share of the partnership. Intracorp redesigned the building to the extent that was possible. It was repackaged and re-priced to meet the current market conditions. In addition, the marketing materials and presentation centre were redesigned. Together, Intracorp and the Crean family released a brand new offering to the market.
When Intracorp re-launched the project it quickly met the pre-construction sales requirements, and achieved $670 per square foot. Soon it was sold out. The Creans retained the retail and some residential and realized their share of the profit.