The company received consent in 2021 for what was set to become its most expensive development in Christchurch.
The Park Tce complex would have had six buildings up to seven storeys high, Stuff reported.
After delaying construction due to financial constraints, Ryman has now put some of the land up for sale.
The project was set to cover 6100m². The land is zoned for high-density housing up to a height of 39m or 13 storeys.
But the property has languished, attracting graffiti and rubbish and upsetting neighbours.
Ryman owns and operates 49 retirement villages across New Zealand and Australia, with 15,200 residents and 7800 staff.
Last year it announced it would pause all planned new villages if construction had not started after recording a financial loss.
It then decided to consider selling some sites to reduce its debt. Over the last financial year its annual losses grew to $436.8m.
A Ryman spokesperson said the company identified Park Tce as one of the sites which “do not meet its criteria for future development and where greater value can be delivered for shareholders through divestment”.
-Allied Media
