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An early concept for the Lakeview Precinct, in Queenstown, has been released by the Queenstown Lakes District Council.
The council last week signed a developer agreement with Melbourne-based developer Ninety Four Feet and Auckland-based investment company Augusta Capital.
Council strategic projects manager Paul Speedy said the council had been working with the consortium of Ninety Four Feet, Augusta Capital and The Britomart Hospitality Group, as well as Ngai Tahu Tourism and Well Smart Ltd on the plans to transform the site into "an extension of the Queenstown CBD''.
The site is part of a 10ha hillside terrace above the CBD towards the Skyline gondola hill
"The predominantly residential mixed-use precinct will complement the local context through clever design elements,'' Mr Speedy said.
"There will be courtyards, laneways, plazas, streets, and connected community spaces which draw the eye to the surrounding outstanding landscape and views.''
Construction was estimated to take more than a decade and be phased over seven stages.
Augusta managing director Mark Francis said the project was a "once in a lifetime opportunity in Queenstown''.
It also continued the company's move into "sourcing product through alternative avenues'' as investment-grade properties became harder to require and would provide a "strong pipeline'' of stock for the company's planned tourism and residential funds.
Queenstown Lakes mayor-elect Jim Boult said unlocking the potential of the site would be a "legacy project'' with long-lasting benefits to the community.
"I can't wait to get started.''