PROPOSED residential development The Boulevarde is set to be launched a second time, following the CEC Group's decision to sell the land to Norventure and Investec Bank.
The new launch will be held onsite on Friday August 29, marking the start of the first stage in the project which is to include 96 units.
Construction is expected to start in the final quarter of 2008.
Overall the project is expected to feature 372 units.
Former Mayor Kevin Byrne launched the project in September last year, however times have changed with Byrne ousted by the electorate and the CEC Group selling property to service debt.
A joint venture between Norventure and Investec bought The Boulevarde from CEC recently for $5.5 million.
Norventure director Lawrie Robson was bullish in his appraisal of The Boulevarde's potential.
He said the 4.65ha Manoora site was the only land parcel within a four kilometre radius of Cairns CBD suitable for a large residential development.
Norventure is now negotiating with Cairns building firm CMC to build the complex.
Mr Robson said 36 pre-release sales with a total value of $14 million had been processed since The Boulevarde was released onto the market.
"Vacancy rates for rental properties in Cairns are extraordinary low at the moment, and it's crucial the city's development pipeline maintains progress.
"The Boulevarde offers the ultimate lifestyle package for owner occupiers or investors,'' he said.
The Boulevarde is one of several Australian projects backed by Investec.
In January, the group financed a $30 million business park in Mackay.
Investec's Ben O'Hara said research showed there were supply gaps in the residential and industrial property markets on the Queensland coast.
"We see the financing of The Boulevarde as a good investment opportunity in Cairns,'' Mr O'Hara said.
"There is minimal residential development due to come online in the boom coastal city in the next 18 months.''
