A multi-million-dollar west Auckland apartment project has been axed.
The 91-apartment project has been abandoned. Photo: floapartments.co.nz
The Flo Apartments development was to consist of 91 apartments, at Rosebank Road in Avondale.
They were priced from $370,000.
The New Zealand Herald reported it was one of 35 apartment projects that had been stopped in the city in the past year.
Real Estate Institute director Bryan Thomson said a range of factors could go wrong at varying stages of the approval process.
"Obviously there's a long period of time to get consents in place, get a budget for the cost of the building, and head through the sales process," he said.
"Sometimes during that sales process you get to a point where either building costs have escalated to a level that makes it uneconomic to build it at the prices they've been sold, or the financing criteria changes."
Listen to Mr Thomson discuss the details