Indicative render only, subject to change.
It featured an extra seven levels, including a rooftop garden, BWS liquor store and a cafe fronting Deakin St.
Marketing finally began in November last year for the 15-level version with 130 luxury units, recreation area with infinity swimming pool, gymnasium, seating and BBQ.
At the time, residents lodged more than 60 formal submissions including concerns about noise, traffic and road safety.
The Cottee Parker architects-designed building would have panoramic views of the CBD, Brisbane River and Bay islands.
Mosaic this week announced it had bought the site for an undisclosed sum.
It has been busy in the past five years with upmarket mediumrise unit projects across the inner city including in Indooroopilly, Toowong and East Brisbane.
Mosaic confirmed it would go ahead with 128 large, luxury two to three-bed units, including penthouse-style “sky homes’’ spread across 16 levels.
Mosaic founder and managing director, Brook Monahan, said the site had been on his radar since 2016.
“It’s known to many as a dormant opportunity, burdened by years of challenges,’’ he said.
“After a thorough 12-month process, we are honoured to have been entrusted by Woolworths to bring this landmark site to life. It is a truly special location.”
He said the project would not only revive an inactive site, it would create “lasting value’’ for Kangaroo Point.
“We are looking forward to engaging with the local community to ensure they are well informed of our plans and how we seek to complement and add value to the area,’’ Mr Monahan said.
Colliers, which began marketing last year when Woolies owned the site, served as the agent for the sale to Mosaic.
