World Square would remain mostly idle for a decade, though by the end of the 1990's the first steps towards the evolution of what we see there today.
The collapse of the World Square project happened to coincide with a property crash in Sydney along with the 1990-91 recession, which stifled demand for development in central Sydney. Over 20 sites in central Sydney would be affected by the recession with projects simply abandoned despite excavation works taking place.
Ipoh felt inclined to let the recession "do its work" and believed it could still turn a profit. Still nothing happened. The site was now inviting wildlife.
Even building just the podium would do? Could Sydney retailing have been transformed forever?
In 1993, Sydney was successful in its bid to host the 2000 Olympic Games and the push was on to have the site developed for the games.
Just a year later, there was a proposal to build a major carpark.
Source: Gibson, A. 1994 "From huge hole to carpark". The Sunday Telegraph, January 9: page unknown.
By 1995, work had begun on the carpark to be built by Grocon containing 600 space. This would be the first step in bringing the site to life.
A year later, a new proposal had come to life for two towers. This does not include Hordern Towers which was being developed separately. The corner of Goulburn and Pitt Street would no longer have a tower, but a smaller building comprising of hotel and serviced apartments.
Source: Totaro, P. 1996. "Tallest Building for our biggest hole. The Sydney Morning Herald, February 14: page unknown.
Source: Anonymous. 1996. "Grand plan for empty city square". The Daily Telegraph, March 1: 9.
Interestingly, this proposal also came up in 1996, but just to develop 680 George Street.
Source: Skelsey, M. 1996. "Things are looking up in George Street". The Daily Telegraph, November 30: 19.
Next week, I'll look at Hordern Towers, which would become the first major development on the site to be completed.