Premier and Tourism Minister Colin Barnett was on site today to turn the first sod at the $400 million development, which will comprise a 204-room Ritz-Carlton hotel and 379 residential apartments in two towers adjacent to the Bell Tower.
Mr Barnett said the Liberal National Government had successfully attracted high-quality accommodation providers to Perth, with The Ritz-Carlton, COMO The Treasury, Crown Towers and the Westin hotel underpinning the State's expanding tourism sector.
"Visitors to Perth are attracted by our city's best natural assets, the Swan River and Kings Park, and their experience is enriched through quality accommodation, exceptional public transport and great hospitality - all of which will be on offer at Elizabeth Quay," he said.
"Elizabeth Quay has been embraced by West Australians and has already become an integral part of the Perth city skyline, so it will be exciting to see it change and evolve over the coming years."
Planning Minister Donna Faragher said the construction of The Ritz Carlton at Elizabeth Quay by international developer Far East Consortium International marked the return of the prestigious hotel brand to Australia after a 10-year hiatus.
"This development will attract tourists and residents to enjoy the many features of Elizabeth Quay that have been enjoyed by more than two million visitors," Mrs Faragher said.
"From the Liberal National Government's $440 million investment, we expect to receive more than $230 million in land sales and attract a further $2 billion in investment as development of private buildings gets underway."
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