Property Council Illawarra Shoalhaven Regional Director Matthew Wales said the project at 3 Akuna Street and 66 Collins Street had the potential to deliver up to 52 new apartments, including 10 per cent affordable housing.
"This is another strong step forward for housing delivery in our region and a clear sign that the HDA is driving results," Mr Wales said.
"The Kiama project could add much-needed housing diversity right in the heart of the town centre, supporting local jobs and helping to ease pressure in a market that has been under strain," he said.
Mr Wales said the Illawarra Shoalhaven was seeing tangible progress through the HDA's targeted approach to unlocking sites with the greatest potential to bring homes to market quickly.
"Momentum is building, but we need to keep it going. With affordability and rental stress still front of mind for local families and essential workers, every project that moves ahead makes a real difference."
Since the HDA's establishment in January, 29 Expressions of Interest have been lodged from the Illawarra Shoalhaven region, with 12 projects declared, representing the potential for the delivery of 3,740 new homes.
The Property Council said continuing to back the HDA and the use of State Significant Development pathways would be vital to meeting the Illawarra Shoalhaven's share – just under five per cent (18,800 homes) – of NSW's 377,000 home National Housing Accord target by 2029.
