A Melbourne-based property developer has a green light to build one of New Zealand's tallest residential buildings in Auckland.
Artist impression of ICD Property's 183 metre tall skyscraper. Photo: Supplied / ICD Property
ICD Property has got resource consent from an independent consenting panel under the Covid-19 Recovery (Fast Track Consenting) Act to build a 183-metre tall skyscraper at 65 Federal Street, a few doors down from the Sky Tower.
The projected value of the fully completed building is $664 million.
Construction was expected to start in 2024 and be completed in 2027, with the final cost dependent on ICD securing a building partner.
It would be the country's second tallest residential building behind Seascape (187m tall), which was currently under construction.
The 55-storey building will include 357 apartments of various sizes, a health and wellness centre, car parking and a 1000sqm ground floor marketplace that will feature a range of restaurants, cafes and other outlets.
ICD Property managing director Matt Khoo said it took a collaborative approach with Auckland Council and mana whenua to ensure the building delivered positive benefits for the city, rather than being restricted by planning guidelines.
"The aspirational design, thinking, and consultation that went into the project is a blueprint for better urban design outcomes for not only New Zealand but buildings and communities globally," Khoo said.
He told RNZ the company did not have a financing arrangement in place, but it typically funded projects through a combination of debt and equity.
ICD's next step after receiving resource consent would be to get pre-sales underway, so the company could secure construction finance.
The company said the building's plot ratio - which is the total floor area of a building compared to the area of its site - was 29:1, which was significantly more than the typical ratio of 13:1 on inner city sites.
Khoo said smaller plot ratios were aimed at preventing "inappropriate" developments but it had shown a bigger ratio could have positive outcomes.
"Elements like a 1000 square-metre groundfloor marketspace to activate the streetscape and serve as a community space is a huge benefit to the local neighbourhood and the city."
The greater ratio would maximise the potential of the plot of land, the company said.
Outgoing Auckland mayor Phil Goff said the building would be "a landmark" for the city.
"It is a huge investment, which is a statement of investment confidence in Auckland. It will provide hundreds of jobs during and beyond construction," Goff said.
The building was designed by global architecture firms Woods Bagot in partnership with local firm Peddlethorp.
Woods Bagot principal and design leader Peter Miglis said the transformation of Federal Street and the tower's proximity to the City Rail Link meant it would become a public destination.