The redevelopment of the TRC site into a hotel with conference facilites will be invigorating said Tasmanian Chamber of Commerce and Industry chief executive Michael Bailey.
On Friday entrepreneur Josef Chromy and JAC Group managing director Dean Cocker announced the project which is expected to cost about $40 million over three to five years.
“We know that there’s a real need for additional hotel rooms and that will increase as the Northern Cities project gets underway as well,” he said.
“We also know that the Chromy Group are very good at the sorts of projects that they put together and they do things well, so we were very excited by the announcement and look forward to seeing how it rolls out.”
Mr Bailey said the project, in addition to other developments already underway in the city, had far-reaching benefit.
“It shows the market that there is a great deal of confidence in launceston and the regional market, and that confidence tends to build across the market,” he said.
it also provides short-term economic boosts as the actual building projects start to get underway and long-term we see more people employed, more people putting money through the economy, plus more people able to stay in Launceston.”
He said having major developers put their money into Launceston adds to the region’s marketability.
“What we may well find is that there are other hotels looking to refurb and to reflect that there will be an increased expectation of what the market has to offer,” Mr Bailey said.
Launceston mayor Albert van Zetten said the announcement was great news for the city.
“There’s a lot of other developments in the pipeline and this is just showing that there is more confidence out there and it is going to compliment what we do have with the Penny Royal, with the Seaport, with the North Bank development and with Errol [Stewart]’s SIlos,” he said.
“It’s going to become an incredible area for tourists and people to be.”