Project value rises when economic benefits consideredAn Auckland building project on land being sold by Auckland Council will give a $500 million boost to the wider economy, says the developer. In September when the four-building project on land between Mayoral Dr, Greys Ave and Aotea Square was originally announced, developer John Love of Love & Co put the value at $200m to $300m. The four-building project is:* A $56m refurbishment of the existing ex-council civic building into 100-104 apartments, top-level penthouse marketed at $14m, cafes and retail on the ground level. * A $20m four-level whare tapere or entertainment/performing arts/gallery planned on vacant land between the civic building and the Auckland Town Hall. Love, in his late 30s, is formerly of apartment development specialist Tarwera and said the civic project would transform a dull, lifeless end of the Aotea precinct.

Source: New Zealand Herald January 26, 2017 03:05 UTC