Company rules out $1.9b investment in Sunshine Coast

THE head of the company behind a controversial development at Wurtulla has taken aim at Sunshine Coast Council for "costing the region a $1.9 billion investment".

Chinese consortium FrogGlobal has withdrawn its application to build 26 Degrees: a mixed-use development touted as "the first of its kind on the Sunshine Coast".

While local residents who opposed the application are breathing a sigh of relief, FrogGlobal CEO Nick Oettinger says the council is costing the region jobs.

The application on a 1.5ha block on the corner of Nicklin Way and Regatta Boulevard would have included a supermarket, commercial area, small home offices and two- and three-bedroom apartments.

But it was outside the current and draft town plan and was at a much higher density proposed for development in the area.

Residents also feared it would cast a shadow on neighbouring properties and would put already struggling shop owners out of business.

A decision on the application was due to be before the council on March 27.

But Mr Oettinger said that he made the decision to withdraw it last week because he was "tired of wasting money".

"The bureaucrats in control of this only want to protect their own developments," he said.

"The Sunshine Coast is the 13th most unaffordable city in the world, the fourth in Australia.

"Their main concern is getting themselves re-elected and not about driving economic growth."

Area councillor Peter Cox said it was entirely Mr Oettinger's decision to withdraw the application.

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