Provincial Development Unit helps bring heart back to Invercargill CBD
Published: Dec 8, 2020
The Provincial Development Unit (PDU) is proud to help bring the heart back to Invercargill’s inner city with the official sod turning at the long-awaited city centre development.
“The objectives of the development align with those of the PDU which include lifting productivity in our regions, creating employment opportunities, boosting tourism, driving much-needed foot traffic and spending back into the city centre and encouraging new business opportunities,” said the Head of the PDU, Robert Pigou, at the construction site.
“That is why the government provided $29.5 million in the form of a loan and equity investment to the redevelopment, which has already started.
“This initiative will bring a fundamental change to the region economically and socially which the PDU is invested in. It will attract visitors to Invercargill and the broader region and give them a reason to stay longer and spend more,” he says.
The PDU also supported the feasibility study that underpinned the project’s concept, which showed the redevelopment could potentially boost local GDP by around $48 million a year.
“The redevelopment, which included the demolition of a city block, will revitalise the area with new retail shops, dining, offices, apartments and multi-level parking. With this will come more than 300 retail and hospitality jobs. More than 500 jobs will be created over the construction phase of 3-5 years. This is great news for the region.
“The city centre redevelopment has been driven by the people of Invercargill who have made numerous attempts over 30 years to revitalise the inner city area. The new space will drive the local economy and is expected to bring at least 1500 people into the city centre daily,” Mr Pigou says.
The estimated cost of the redevelopment is $165 million and it is a key project in the Southland Regional Development Strategy Action Plan.