Upmarket gated homes to replace $30m Cambridge apartment project
Plans to build a $30-million, 47-apartment complex overlooking the Waikato River in Cambridge have been shelved.
Developer Rutherford Property Investments gained resource consent to build Riverside Apartments near Williamson St in December 2016. At the time, it was reported interest in the development on the land formerly occupied by the Cambridge Riverside Motel complex was "unprecedented". Construction was supposed to start in early 2017.
But Rutherford Property Investments spokeswoman Deborah Bunyard said the company opted to pull away from the original plans because of the long-term commitment the project required. Instead, it has sought a change in its resource consent to develop a gated development called Rutherford Park.
It will consist of 20 high-density sections inside of the gates of Williamson St. Another four will be located outside the gates along nearby Dominion Ave.
"A building covenant will be in place, but home owners will be allowed some freedom in design as long as it falls within the guidelines," Bunyard said.
The developer had contracted Cambridge Homes to design and build the project.
Bunyard was adamant Rutherford Park would not be a retirement complex. "A lot of people are asking if it's another retirement village. I can assure them it will be anything but.
"It will definitely be an upmarket gated community with sections priced between $380,000 and $440,000. Some of the interest shown in the apartments has transferred to sale and purchase agreements for townhouses in the new complex."
Another Cambridge development, Lakewood, is progressing, with the steel framing and floor slabs poured for the 16-apartment complex.
Greenstone development manager Ben Jones is happy with sales progress - 14 of the 16 have sold.
Jones said 31 townhouses from the development would be put on the market within the next fortnight. These will range in size from 150 square metres for a three-bedroom plus a study unit to 230sqm for a four-bedroom with study and four-car garage homes. Jones had about 200 people showing interest in the properties.
Construction of the development was on target with the second building onsite due to start in the next few weeks.
"All the civil work is completed and is now ready for the concrete pour. As for the commercial space, negotiations are progressing for tenants for the medical centre and motel."