Speaking at the first six-monthly update on the project at a council workshop on Tuesday, Ninety Four Feet managing director Dean Rzechta said economic cycles and global shocks caused ‘‘wins and losses’’ that tended to balance out over time.
Rzechta was responding to a question by councillor Niki Gladding about the potential for the United States and Israel’s war with Iran to ramp up cost pressures on the project, especially given the company’s pre-sales of apartments in the three tower blocks making up the first stage.
Had it been selling the apartments for ‘‘too little’’, it would be a major concern, he says.
The potential for cost increases was ‘‘certainly something we’re conscious of’’, but it is still too early to say.
CMP Construction regional manager Daniel Dwyer says the cost of fuel for its trucks is increasing, but most of its construction materials are sourced from New Zealand and Australia or ‘‘this side of the globe’’, which will minimise the impact of the conflict.
The development will transform about 4ha of the 10ha site — a former camping ground near the Skyline gondola — into five residential tower blocks, four hotels, retail and hospo space and public spaces.
The first stage, consisting of 224 apartments spread over three buildings ranging from nine to 12 levels, is expected to be completed by the end of 2028.
Rzechta says the site has been fenced off and temporary buildings trucked in since the sod-turning ceremony a month ago.
Work to set up erosion and sediment controls will be next, which will take about two months.
Anchors will then be drilled into the cliff at the back of the site to secure the rock face before excavation work can start.
Subject to the first building consent being approved, piling work for the three buildings’ foundations is expected to start in July, he says.
