Walker will develop what is set to become the tallest residential building in NSW, the Aspire tower. The tower will have up to 700 apartments, a hotel and shops. The original plan to build a 90-storey tower has been thwarted by aviation concerns. Twin commercial towers will be at the heart of the Parramatta Square redevelopment. Credit:Walker Corporation Walker will now submit a development application for a reduced height of 68 levels but intends to continue negations with the Federal Civil Aviation Safety Authority for approval to exceed the flight path ceiling so the building could rival the tallest in Australia. The developer will also build the dual commercial towers, which will include premium office space, a ground floor podium with two levels of retail space and a underground link to the Parramatta train station. Commonwealth Bank has long been the favoured tenant for the site, but has not yet announced where it will move when its leases at Sydney Olympic Park expire. Discussions with other prospective tenants are now underway in the bid to keep the Parramatta Square redevelopment moving after years of set-backs and cost blowouts.

Development applications for the three towers are expected to be lodged by the end of the year. Walker Corporation has been appointed to develop three buildings for the Parramatta Square project. Credit:Walker Corporation Walker Corporation Chairman Lang Walker said Parramatta Square presented an "unrivalled opportunity". "Parramatta has the lowest vacancy rate of any office market in Australia, and coupled with continued rental growth, we see this as a great opportunity to secure major government tenants and private sector tenants, some of which have already expressed interest in securing office space at Parramatta Square," Mr Walker said. Parramatta Square could be completed by 2019 if all goes well. Credit:Walker Corporation

"This major project will see Parramatta City rival Sydney's CBD, with a total of $8 billion to be invested in buildings and infrastructure over the next four years." The entire Parramatta Square site was originally set to be redeveloped by Grocon, but the deal collapsed in 2012 and the plans had to be revised. Walker will continue to negotiate to have height restrictions lifted for the Aspire tower. Credit:Walker Corporation Instead of handing over the site to one developer, the project has been divided into six stages with developers submitting separate tenders for each. Construction has only started on one of the stages - the $220.5 million tower which will become the University of Western Sydney's Parramatta City Campus.

Lord Mayor Scott Lloyd said he was thrilled with the designs for the three buildings and they suited the atmosphere the council was hoping to create in Parramatta Square. "This is exciting news for Parramatta and shows the development of Parramatta Square is rapidly gaining momentum," Cr Lloyd said. "Parramatta Square will provide the foundations for the revitalisation of our city and the Aspire tower, along with the dual towers that will form Stages 5 and 6, are key anchors for this important development." Designs for the public space, which forms the centrepiece of the project, and a masterplan for the public art are expected to be released in the coming weeks. The council has previously said Parramatta Square would be finished by 2019 under a best-case scenario.