The $700m Darling Harbour development, The Ribbon, will see Sydney's iconic IMAX theatre demolished and replaced by a luxury hotel, serviced apartments and a revamped IMAX cinema.
IMAX Sydney Chief Executive Mark Bretherton has welcomed the development, saying the project is an opportunity to get new technology, the latest IMAX surround sound and new IMAX laser projection as well as wider, more comfortable seats, allowing for a brighter, sharper, better picture and experience.
Although the screen at the new IMAX cinema will be slightly smaller, it will still be the biggest in the world.
The distinctive building was designed by architecture firm HASSELL and is being built by Grocon.
Artist Impression of The Ribbon. Source: Grocon
Grocon has secured Starwood to operate the hotel as a W Hotel, with the 402-room property to mark the brand's return to Sydney.
Grocon has also won the backing of Chinese investor Zhengtang for the complex. Zhengtang will raise capital from China to finance The Ribbon Hotel and Residences and it is also supporting another Grocon project in Sydney’s suburbs.
The project is expected to be completed in 2019.
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Source: The Australian, The Daily Telegraph