Abandoned Auckland apartments - a finance issue or 'growing pains'? SUPPLIED Plans for the 91-unit Flo complex in Avondale, Auckland have been abandoned partly due to construction costs. However, another expert says the rise in abandoned projects in Auckland is simply part of the "growing pains" the city's building sector is facing. Up to 35 multi-residential projects in Auckland have been abandoned in the past year, according to Colliers, with both rising construction costs and a drying-up of bank finance being blamed. Phil Eaton, the Property Council's Auckland branch president, agreed, saying the abandoned apartments were less about tighter finance and more about the industry sorting itself out.

Source: Stuff October 12, 2016 02:16 UTC