CBD inner-city redevelopment receives $19.5 million loan from PGF
Yesterday’s announcement that the Government, through the Provincial Growth Fund (PGF), will loan the CBD redevelopment $19.5 million, is an exciting step forward for the project.
HWCP Management Ltd Chairman Scott O’Donnell said the redevelopment aligned with the objectives of the PGF, by boosting tourism and driving much-needed foot traffic and spending back into the CBD, while encouraging new business opportunities.
“We believe that the size of a city doesn’t have to denote its vitality and our project aims to give Invercargill it’s heart back. Today’s announcement is proof of Minister Jones’ and the Government’s, belief in both the redevelopment and our great city. We’ve had a good working relationship with the PGF and they’ve been extremely supportive of our development since the inception of the CBD rebuild,” O’Donnell said.
The $19.5 million loan would be used to fund stage one, two and three of the planned development.
“We’re excited to see the pieces of the funding puzzle starting to come together and we’re on track to have all funding confirmed by the end of August. Having both private and public funders working together is a real testament to the project and the passion our investors have for breathing new life into the CBD,” O’Donnell said.
In November 2018, the PGF funded $995,000 towards a feasibility study to help guide the business case and planning for the CBD redevelopment project. The business case has shown that the project has the potential to boost Southland’s real GDP by around $48 million per year, create hundreds of jobs during the construction phase and boost hospitality jobs in the CBD.
Features of the redevelopment will include:
A range of dining offerings including a food court and boutique eateries
Retail shops, ranging from a large anchor retailer to small boutique stores
A covered, multi-storey carpark
A central medical centre, conveniently located for those working in and around the CBD
Office blocks and apartments, bringing a significant increase in foot traffic into the CBD every day