Third.i plans $1.6 billion project to tackle housing crisis on Central Coast

Sydney-based property developer Third.i Group has announced plans for a master-planned housing community on the Central Coast to address the shortage of affordable new homes in the region.

The $1.6 billion project at Charmhaven would deliver up to 2000 single-dwelling homes, almost 300 acres of protected environmental green space, a new K-12 school and a business park.

The 494-acre site includes 200 affordable homes in partnership with community housing provider, Evolve Housing.

The development's affordable housing initiative would provide essential workers, including nurses, teachers and allied care staff, the opportunity to rent a new home at below-market rates.

"Third.i and our partners are delighted to be delivering this new master-planned community, helping address the chronic shortage of affordable new homes on the Central Coast," Third.i's head of acquisitions, Florian Caillon, said.

"If approved, the rezoning will allow us to provide critical, enabling infrastructure such as roads, water and electricity, which will benefit the wider region - all at no cost to the NSW Government."

If approved, the first new homes could be delivered within 36 months.

"Third.i is working closely with the Central Coast Council, NSW Government Agencies, Evolve Housing, key unions, stakeholders and the local community, to shape this proposal," he said.

"We are committed to creating a new, multi-faceted community which will provide a pipeline of affordable and sustainable housing, infrastructure and green open spaces for the fast-growing Central Coast."

The development, located between the Pacific Highway and Arizona Road, would be the largest housing project on the Central Coast.

It has the potential to meet almost a quarter of the NSW Government's target of 9400 new homes to be completed in the region by 2029.

The Central Coast's population is expected to surge to 404,250 by 2041.

Around 60 per cent of the site will be preserved as conservation land, including a wildlife corridor connecting Lake Munmorah to the Watagan Mountains.

"We're excited that we'll be transforming what's become a run-down, illegal waste dump, into 120 hectares of green open space for the public," he said.

"This will include new sporting fields, walking trails and cycleways, which we will be funding in perpetuity for future generations.

"We will be working with the region's best builders and offering residents a variety of single-dwelling housing options, and we're proud that 10 per cent of the development has been committed to affordable housing, allowing eligible low to medium income workers in the area to rent a home at below market rents."

In addition to new housing, the project could include a school, St Philip's Christian College, catering to up to 1500 K-12 students.

The new business park in Charmhaven will create more than 600 new operational jobs.

Thirdi has multiple developments in the works, including the 30-floor Dairy Farmers Towers in Newcastle and the $300 million Merewether Residences retirement living development at Merewether Golf Club.