Revised Ridgeburn bid promises affordable Otago housing, road upgrades
The developer behind a controversial housing project near Arrowtown is putting new financial incentives on the table in a revised Fast-track application.
Ridgeburn Ltd, the developer behind a controversial housing project near Arrowtown, has announced new financial incentives in a revised Fast-track application for their proposed 1210-house development and commercial precinct. The company is offering interest-free deposit loans for first-home buyers and an additional $27 million for road upgrades and bus infrastructure.
Ridgeburn Ltd director Kurt Gibbons emphasized that the company is building a community, not just a plot of land. The developers have allocated $2 million to NZTA for future upgrades and $27 million for safety upgrades beyond the development's boundary, including widening Morven Ferry Road and constructing a roundabout at the intersection of State Highway 6 and Arrowtown-Lake Hayes Road.
Additionally, the company will fund a bus loop linking Ridgeburn to Arrowtown, Frankton, and central Queenstown, as well as contribute to the Queenstown Trails Trust to upgrade the bike network. Of the 180 affordable homes, 135 will be kept as rent-capped accommodation for local workers, with rents subsidized at 10 percent below market rates.
The other 45 homes will be reserved for first-home buyers, with a $70,000 interest-free deposit loan offered for 10 years to those who saved a three percent deposit on a three-bedroom $999,000 home.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
