Multi-million dollar city upgrade gets go-ahead
The multi-million dollar redevelopment to breathe life back into Invercargill’s inner-city is full steam ahead.
All funders have now committed to the project, heralded as a once-in-a-lifetime opportunity to revitalise the heart of the city.
The project has been spearheaded by HWCP – a joint venture between H.W. Richardson Group and the Invercargill City Council – and is relatively unusual, in the sense that it has created a partnership between private and public funders.
HWCP chairman Scott O’Donnell says the project will create a vibrant, bustling city centre.
“This is about making a CBD that makes sense for the heart of Invercargill and breathing new life into the area.”
The O’Donnell family is contributing up to $25m to the project, which also involves investment from Invercargill hotelier Geoff Thompson (up to $25m), Invercargill City Council (up to $30m), Community Trust South ($20m), the Government’s Provincial Growth Fund (loaning $19.5m), and a bank loan of $50m.
A key element of the Southland Regional Development Strategy (SoRDS) was to bring 10,000 more people to Invercargill by 2025 – and creating an appealing inner-city is integral to that.
Features of the redevelopment will include:
- A range of dining offerings including a food court and boutique eateries
- Retail ranging from a large anchor tenant – recently announced as Farmers – to smaller boutique stores
- A covered, multi-storey carpark
- A medical centre
- Office blocks and apartments
The project has the potential to boost Southland’s GDP by around $48 million a year. It is hoped the redevelopment will not only encourage visitors to the city, but also grow local spending – which is currently largely taken out of the province.
The redevelopment will take up an entire city block, with demolition of existing buildings set to begin before Christmas.
O’Donnell hopes the project will be completed by 2022.
To view the video of fly-bys and visual renderings of the inner-city redevelopment plans, click here.