Latest news with #MartinZaiter
The Age
08-07-2025
- Business
- The Age
Sydney council's funding vow to secure $276m Broadway-style theatre
The City of Parramatta has vowed to find $93 million to guarantee the construction of its long-awaited redevelopment of the Riverside Theatres, after the estimated cost ballooned to $276 million. As the council waits to hear whether the federal government will chip in funds for the ambitious project, councillors voted on Monday night to endorse a planned spend of $276.8 million for the revamp. The redevelopment will see the refurbishment of the existing 37-year-old Riverside Playhouse Theatre, the creation of a new Broadway-style lyric theatre with 1500 seats, a new 325-seat black box theatre, and a smaller boutique cinema. The doors to the complex are expected to open in 2028. Despite being announced in 2023, the project has long stood in limbo as the council worked out how to plug a $93 million gap in funding. But the council will now plug that hole by relying on seven different funding streams, including a targeted $15 million in philanthropy and a targeted $38.9 million in 'third-party fundraising' including grants. But if the council cannot reach those targets, it will rely on the 'unallocated balance of the property reserve', the motion shows. On Tuesday, Lord Mayor Martin Zaiter said he was confident the Riverside Theatre staff would be able to fundraise the right amount, but relying on the council's property reserves would not be a problem: 'We're in a very healthy financial position.' In its initial 2023 business case, the council had budgeted for a $188 million project, but the budget has since been forced to expand due to the huge increase in labour costs and materials, as well as expanded plans to build connections along the foreshore of the river. Attracting enough money, both in grants and philanthropy, for western Sydney cultural projects has proven challenging for decades. Parramatta's Powerhouse Museum, being built less than 500 metres down the river, is still searching for more donors as construction rapidly approaches completion. The museum says it has so far raised $66.9 million of its $75 million target, with $55.3 million taken for capital works and $11.6 million for programs. A spokesperson said they did not have a breakdown of targets for capital works and programs as the costs were combined for the first year of exhibitions.
Sydney Morning Herald
08-07-2025
- Business
- Sydney Morning Herald
Sydney council's funding vow to secure $276m Broadway-style theatre
The City of Parramatta has vowed to find $93 million to guarantee the construction of its long-awaited redevelopment of the Riverside Theatres, after the estimated cost ballooned to $276 million. As the council waits to hear whether the federal government will chip in funds for the ambitious project, councillors voted on Monday night to endorse a planned spend of $276.8 million for the revamp. The redevelopment will see the refurbishment of the existing 37-year-old Riverside Playhouse Theatre, the creation of a new Broadway-style lyric theatre with 1500 seats, a new 325-seat black box theatre, and a smaller boutique cinema. The doors to the complex are expected to open in 2028. Despite being announced in 2023, the project has long stood in limbo as the council worked out how to plug a $93 million gap in funding. But the council will now plug that hole by relying on seven different funding streams, including a targeted $15 million in philanthropy and a targeted $38.9 million in 'third-party fundraising' including grants. But if the council cannot reach those targets, it will rely on the 'unallocated balance of the property reserve', the motion shows. On Tuesday, Lord Mayor Martin Zaiter said he was confident the Riverside Theatre staff would be able to fundraise the right amount, but relying on the council's property reserves would not be a problem: 'We're in a very healthy financial position.' In its initial 2023 business case, the council had budgeted for a $188 million project, but the budget has since been forced to expand due to the huge increase in labour costs and materials, as well as expanded plans to build connections along the foreshore of the river. Attracting enough money, both in grants and philanthropy, for western Sydney cultural projects has proven challenging for decades. Parramatta's Powerhouse Museum, being built less than 500 metres down the river, is still searching for more donors as construction rapidly approaches completion. The museum says it has so far raised $66.9 million of its $75 million target, with $55.3 million taken for capital works and $11.6 million for programs. A spokesperson said they did not have a breakdown of targets for capital works and programs as the costs were combined for the first year of exhibitions.
The Age
26-06-2025
- Business
- The Age
London, Paris, Parramatta: Lime to bring thousands of e-bikes to Sydney's west
Share-bike company Lime is planning to drop thousands of e-bikes onto the streets of western Sydney in the coming months – but is yet to come to an agreement with local councils about how they will operate. The California-based company, last valued at $780 million and backed by Uber and Google, has found major success in Sydney's east and CBD and is now betting on the appetite of western Sydney locals to sustain its growth. Lime, which has emerged as the clear leader in Australia's once highly competitive and risky share bike market, is preparing to slowly roll out its service in Parramatta CBD and Sydney Olympic Park by the end of the year, representing its first significant expansion since its Sydney launch in 2018. As part of the expansion, the company will release a new generation of e-bikes designed to address safety and accessibility issues present in the current fleet. The bikes will have smaller and thicker tires, a lower centre of gravity to prevent toppling, and an easier-to-use helmet lock that the company says will better enforce helmet use. 'Lime is going all-in on Sydney and western Sydney to ensure complete connectivity of the network, said Lime's head of Asia Pacific, William Peters, noting there had been a 'dramatic uptick' in usage of Lime bikes in Sydney over the past year. 'Global cities need three things for seamless transport: an airport, a metro system, and micromobility. Lime fills the last-mile gap.' But the company's expansion plans were news to Parramatta's Lord Mayor Martin Zaiter, who said he had only heard through third parties that they were interested in launching in his council's area. While he had heard 'whispers of them wanting to enter the market', there had been 'no direct discussion or correspondence as of yet', he said.
Sydney Morning Herald
26-06-2025
- Business
- Sydney Morning Herald
London, Paris, Parramatta: Lime to bring thousands of e-bikes to Sydney's west
Share-bike company Lime is planning to drop thousands of e-bikes onto the streets of western Sydney in the coming months – but is yet to come to an agreement with local councils about how they will operate. The California-based company, last valued at $780 million and backed by Uber and Google, has found major success in Sydney's east and CBD and is now betting on the appetite of western Sydney locals to sustain its growth. Lime, which has emerged as the clear leader in Australia's once highly competitive and risky share bike market, is preparing to slowly roll out its service in Parramatta CBD and Sydney Olympic Park by the end of the year, representing its first significant expansion since its Sydney launch in 2018. As part of the expansion, the company will release a new generation of e-bikes designed to address safety and accessibility issues present in the current fleet. The bikes will have smaller and thicker tires, a lower centre of gravity to prevent toppling, and an easier-to-use helmet lock that the company says will better enforce helmet use. 'Lime is going all-in on Sydney and western Sydney to ensure complete connectivity of the network, said Lime's head of Asia Pacific, William Peters, noting there had been a 'dramatic uptick' in usage of Lime bikes in Sydney over the past year. 'Global cities need three things for seamless transport: an airport, a metro system, and micromobility. Lime fills the last-mile gap.' But the company's expansion plans were news to Parramatta's Lord Mayor Martin Zaiter, who said he had only heard through third parties that they were interested in launching in his council's area. While he had heard 'whispers of them wanting to enter the market', there had been 'no direct discussion or correspondence as of yet', he said.
