Is this a first? Conversion of a residential apartment block to a vertical village

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A 17 story residential apartment block approximately 5 years old and located in Crows Nest, 5
km north of Sydney’s Harbour Bridge, has been bought by the Abacus property group for $36
million with the intention of converting it into 95 ILUs. Abacus is a joint-venture between New
Zealand’s Mr Cliff Cook and Chicago’s Mr Sam Zell. They are targeting high wealth retirees.