IT LOOKS like a bomb site now but the stripped look of Ipswich City Square is a sure sign its monumental redevelopment is under way. The demolition of the building on the corner of Brisbane and Bell Sts heralds the awesome $1 billion rebirth of Ipswich's heart.
It also means Ipswich residents should get used to the sight of cranes and massive machinery, with work scheduled for years.
Add the new Coles superstore just down the road and the extent of Ipswich's CBD makeover is even more noticeable.
But the Ipswich City Square redevelopment - dubbed Icon Ipswich - has been called the biggest renewal in Ipswich's history.
"The first development will be completed in 2013 with other individual developments being planned and developed progressively," Ipswich City Properties chairman Paul Tully said. "The entire project could take up to 20 years to be completely developed but it should be substantially completed in the next 10 years or so."
The first stage of developer Leighton Properties' $1 billion Icon Ipswich project is a nine-storey office tower.
But first the old Ipswich City Square has to be demolished.
Leighton Properties development manager Bradley Norris said demolition was progressing well and should be finished by early next month.
Mr Norris said gantries and site hoarding including project signage would be erected late this month and bulk excavation would start late next month.
Paul Tully said that meant the development was "on-track as planned".
"There has been little traffic or pedestrian disruption in the heart of the city and I remain confident this new project will be the start of the biggest renewal in the city since Ipswich became a municipality in 1860," he said.
The multi-stage reconstruction will span four CBD blocks, incorporating 170,000 square metres of commercial, retail, residential and public space.
The tower, which contains 18,000 sq m of office space and 200 car parks, was sold to property fund manager Cromwell for $93 million.
At its public launch, Leighton Properties managing director Mark Gray said Cromwell's purchase showed the confidence in the Icon project.
"Once completed, the Icon Ipswich master plan will restore the CBD as the pre-eminent commercial, civic and cultural centre for Ipswich and the western heartland," Mr Gray said.
Just before Christmas Cromwell launched a property trust to finance the construction of the new city heart centrepiece.
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