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Between 40-50 townhouses are set to be built on the site, with construction starting in the next six months, he said.
Mr Horncastle's high-density developments, under the name Williams Corporation, have copped criticism in the past.
He said the backbone of the project would be two-bedroom houses with a car park. He said these were likely to cost just over $500,000. He said one and three-bedroom houses would also be built.
Mr Horncastle said the one-bedroom houses would cost "somewhere in the high $300s" and the three bedrooms "somewhere in the high $500s."
"If you look at the site it is quite a long skinny site we are going to break it into two to three quite clearly looking different developments, we will use different colour schemes and make it look like it is three different projects to make it look it quite interesting, I don't want it to look like Coronation St," he said.
He saw Riccarton as an ideal location to develop properties.
"I think Riccarton is one our most undervalued suburbs in all of Christchurch and it is a great place where lots of people want to live, you are right by Hagley park, you have got the hospital, you have got the mall, you have got the city at your doorstep and you have got the uni, it is so incredibly placed."