The $1 billion transformation of a former Queenstown campground has moved a step closer this week with the local council locking in a developer for the project.
Queenstown lakes District Council has signed a legally-binding development agreement with a partnership comprising Australian developer Ninety Four Feet and Kiwi investment company Augusta Capital for development of the former Lakeview Holiday Park site.
The Man Street campground is the largest remaining development site in central Queenstown and until recently its affordably priced cabins were home to many of the town’s migrant hospitality workers. Some 300 residents were served eviction notices earlier this year with most given a leave deadline of late October.
A parcel of Lakeview land will be retained in the short-to-medium term as tenant accommodation and a portion will remain public land in the form of parks, reserves and roads.
In a press statement, QLDC said: “The procurement process has been about balancing the wider outcomes council is seeking with the need to attract private sector expertise and capital.
“This agreement will realise the land’s value in both a non-financial and financial sense, and present an opportunity to invest in other priority activities identified in the ten year plan, including a contribution to affordable housing.”
The partnership proposes to develop a range of residential buildings, hotels, co-working and co-living spaces, plus hospitality and retail options on a staged basis, with construction estimated to take more than ten years and be phased over seven stages.
A hot pools attraction run by Ngāi Tahu Tourism and a new hotel developed by Well Smart will form separate parts of the transformation, while Britomart Hospitality Group will organise and manage its future retail and hospitality elements.
QLDC says more information regarding the vision for the Lakeview Precinct will be available in the near future.