The Parkwood Planning Proposal has been given a go-ahead by the NSW Government.
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Parkwood is the New South Wales side of the cross-border development with the Australian Capital Territory, known as Ginninderry.
It will create about 5,000 new homes in the Yass Valley area and is proposed to be situated in the Yass Valley across the ACT-NSW border northwest of Canberra.
For David Maxwell, director of Riverview Developments, the decision is validation of the extensive consultation and planning work that had been undertaken over the past 12 years.
"The overall impact on job creation is significant in the context of the regional economy with 6,180 jobs to be created over the lifetime of the project and 1,730 of these in the next five years," he said.
"A total of 350 jobs will be created in the next 12 months alone.
"The corridor is an important natural asset crossing the ACT-NSW border, serving to protect and conserve the Murrumbidgee River and Ginninderra Creek adjacent to the Ginninderry and Parkwood development."
The project includes a $170m investment in green infrastructure, public spaces and community facilities and an economic output of some $609m over the next five years alone.
The site area is 600 hectares, of which approximately 394 hectares is proposed for urban development and 213 hectares for conservation purposes adjacent to Murrumbidgee River and Ginninderra Creek.
After over 11 years of consultation, Yass Valley Council recommended the approval of the Parkwood land rezoning in 2019.
Chris Berry, Yass Valley Council general manager, said that the Parkwood area was identified in both the South East and Tablelands Regional Plan and the Yass Valley Settlement Strategy as a growth area for new residential development.
"It will create much needed housing and services as well as provide strong job opportunities for our region all while protecting critical environmental assets unique to the site," Mr Berry said.
"The rezoning provides a framework for the future development of the land, the ongoing conservation of the unique environmental features of the site and the provision of cross border services.
"One of the key aims is to create a fully integrated development between the NSW and ACT sides of the border. Council will continue to liaise with both NSW and ACT Governments to achieve these objectives moving forward."
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