The sign on the site of the Infinity Investment Group's multimillion-dollar Marina Terrace apartment complex in Lakeside Rd might be gone but the project is still very much alive.
Managing director Paul Croft told the Otago Daily Times this week the Marina Terrace project was on the market, in its entirety, in the expectation another commercial developer would be interested in taking it over.
Early last year, the Queenstown Lakes District Council granted resource consent for 44 three-bedroom apartments and other facilities on the 1.2ha site, opposite the Wanaka marina, and Mr Croft said Infinity was now in the process of obtaining resource consent from the Otago Regional Council.
The Marina Terrace project was set up by Infinity founders Bob and Jen Robertson.
Mr Robertson died late last year and Mr Croft took over as managing director.
Asked why the project was being sold, Mr Croft referred the ODT to a statement he made in February when he announced Infinity planned to sell its Ravenswood Village development in North Canterbury to refocus its business on the Central Otago region, particularly its ''core strengths'' of small to medium-size residential developments in the local region.
The statement did not mention the Marina Terrace project but Mr Croft told the ODT it was ''one of the projects we identified that we would sell''.
Mr Croft said the project was being offered as a ''going concern'' and had been on the market ''not very long''.
The 44 apartments are priced at between $1million and $2million, and buyers had signed unconditional contracts for seven of the 44 apartments being offered.
Asked if Infinity was under pressure from buyers to get on with building work, Mr Croft said: ''Not at the moment.
''We are working to try to find someone who can move that forward to make sure that happens at a much faster process, with the same vision ... as we currently have.''
Individual apartments were still being offered for sale, he said.
Infinity's agents, Ray White, are describing the site as ''quite possibly the most beautiful and strategically located waterfront development site in New Zealand'', just a ''two-minute stroll'' from the CBD.
Ray White also notes a resource consent has been granted for a 182-room apartment-style hotel.
At one time, Infinity was planning to develop a $100million 5-star hotel on the site, but shelved that idea in 2008 and put the property on the market.
Mr Croft said the sale of the Marina Terrace development would not affect Infinity's staff of 25.
