The first stage of a billion-dollar central Queenstown development has been granted fast-tracked resource consent. The Lakeview/Taumata development proposal includes 79 co-living spaces, 224 apartments and commercial spaces on a former camping ground site.
The full 10ha development is projected to take 15 years to build, ultimately including three hotels and housing 1500 people. The approval on the first stage comes after the developers were forced to drop the heights of the buildings, some by up to nine metres.
The development is on land owned by the Queenstown Lakes District Council, which is managing earthworks to prepare the site. That work is due to be complete in September, and it is expected construction will begin in late 2023.
The council will sell the underlying land to the consortium in a deferred settlement as each stage of the development is completed and meets agreed targets and standards.
Ratepayers would gain $77m from the deal, as well as up to 50 percent of the development’s profit as the values change over time.
The council will continue to own a prominent 0.5ha parcel of land within the site but will lease it to the developer for 125 years. As part of the deal between the council and developers, the Queenstown Lake Community Housing Trust will receive 5 percent of gross land proceeds.
Council documents show the spending within the development is expected to generate annual economic impacts equal to regional gross domestic product of $100m, employment for 1800 people and household incomes of $52m.