A preferred bidder has been appointed for the development of a billion-dollar Lakeview development in Queenstown.
Auckland-based developer August Capital has taken a 25 percent stake in the development, alongside Melbourne developer Ninety Four Feet and Britomart Hospitality.
The initial idea for the project was to build a convention centre, but that was scrapped after receiving mixed feedback from the public. Now part of the property will remain as a public reserve, and the consortium will develop homes, hotels, hospitality and retail outlets on the site.
“It delivers a broad mix of residential options, responding to growth in the town and inclusive of worker and co-located living. It meets the diverse needs of Queenstown’s community and brings to life the Council’s development objectives for this site, making this more than just a financial proposition,” said Mike Theelen, chief executive, Queenstown Lakes District Council.
One common complaint about the development's earlier plans was its lack of affordable housing, which Queenstown is in short supply of.
“Perhaps most importantly it is phased to deliver the high-density residential product early in the programme responding to the need for more affordable and innovative solutions to the town’s housing challenges.”
QLDC’s Mayor Jim Boult was also optimistic about the progress being made on the development.
“I have no doubt that what is being proposed will add tremendous value to Queenstown and the wider district – socially, economically and culturally. I am genuinely excited by the vision for the site and I believe our community will be too,” said Mayor Boult.
More details on the project will be announced once contract negotiations are completed.