{"id":400345,"date":"2026-01-08T19:29:19","date_gmt":"2026-01-08T19:29:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/400345\/"},"modified":"2026-01-08T19:29:19","modified_gmt":"2026-01-08T19:29:19","slug":"new-owners-throw-lifeline-to-180-million-south-perth-skyscraper-project-left-in-limbo","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/400345\/","title":{"rendered":"New owners throw lifeline to $180 million South Perth skyscraper project left in limbo"},"content":{"rendered":"

A stalled high-rise development on the South Perth foreshore could soon be revived after two former navy engineers stepped in to salvage the $180 million project<\/a>.<\/p>\n

The Metro Inner Development Assessment Panel will consider the City of South Perth\u2019s recommendation to grant an extra year for construction to begin on the 27-storey tower, named The Pearl.<\/p>\n

Substantial works for the development were meant to begin by February 20 this year.<\/p>\n

The building will have 113 dwellings, and offer both high-end and affordable options for buyers.<\/p>\n

It will also provide patrons use of a cinema, gym, pool, open-air activity spaces, massage room, lounge, residential library and sky garden.<\/p>\n

\"TheCamera IconThe Pearl\u2019s pool. Credit: Velentes<\/p>\n

The project, on both Lyall Street and Melville Parade, collapsed last year after the original developer, Dragon Century, went into liquidation, leaving the project in limbo.<\/p>\n

Now, former Royal Australian Navy colleagues Josh Letcher and Dan Mendocca, who have formed their own company Velentes<\/a>, will take over the project.<\/p>\n

The company is in the final stages of acquiring the 2976sqm site.<\/p>\n

\"TheCamera IconThe Pearl is on both Lyall Street and Melville Parade. Credit: Velentes<\/p>\n

The settlement is anticipated for completion in the middle of the year.<\/p>\n

Mr Letcher told the Urban Developer after undertaking a revised feasibility study, the project could be completed for $129m, $51m less than the original proposal.<\/p>\n

He said the goal is to provide \u201cgood-priced\u201d apartments with high-quality finishings that provide residents at The Pearl with the quality they have paid for.<\/p>\n

Design changes were made by Perth-based Space Collective Architects, which were approved by the city in October last year.<\/p>\n

\"TheCamera IconThe Pearl will have a mix of both affordable and luxury apartments. Credit: Velentes<\/p>\n

The original design was created by Hillam Architects and approved in 2020.<\/p>\n

Changes include no longer having the underground carpark due to the high water table near the Swan River and commercial space across four levels has been replaced with membership-based short-stay accommodation.<\/p>\n

The changes will reduce vehicle parking requirements, with additional car parking bays being available on level two.<\/p>\n

Mr Letcher said the company would source both local and international suppliers for the project.<\/p>\n

If the MIDAP support the city\u2019s recommendation, the substantial deadline date will extend until February 20, 2027.<\/p>\n","protected":false},"excerpt":{"rendered":"A stalled high-rise development on the South Perth foreshore could soon be revived after two former navy engineers…\n","protected":false},"author":2,"featured_media":400346,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[64,63,99,505,134,44,46,4686,18607,45],"class_list":{"0":"post-400345","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entertainment","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-central","12":"tag-entertainment","13":"tag-news","14":"tag-perth","15":"tag-property","16":"tag-southern","17":"tag-wa-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/400345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=400345"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/400345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/400346"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=400345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=400345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=400345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}