Rotorua Economic Development Ltd (RED) is seeking landowners and developers / investors who are wanting to undertake a project in the inner city which supports inner city living in Rotorua.
First preference will be given to local developers and landowners.
RED is particularly interested in Transformational Placemaking Projects (TPP) that are ideally with a scale of at least four storeys, can be constructed and completed within 3 – 3.5 years, and support a volume of residential units appropriate to the strategic location of the project.
Expression of Interest (EOI) - Supporting inner city living
What is the EOI?
This EOI seeks landowners and developers / investors who are seeking to undertake a project in the inner city which supports inner-city living.
What type of projects is Rotorua Economic Development (RED) looking for?
RED is particularly interested in Projects that are ideally with a scale of at least four storeys, can be constructed and completed within 3 – 3.5 years, and support a volume of residential units appropriate to the strategic location of the project.
What is a Transformational Placemaking Project?
Transformational Placemaking is about inspiring public, and private leaders to make transformative place investments that generate widespread social and economic benefits.
Why must these projects support inner-city living?
Increasing inner-city living provides - 1. more housing options, and 2. supports the revitalisation and vibrancy of our CBD. Rotorua Lakes Council has set housing targets to meet the needs of the Rotorua community and have identified that a range of housing options are required including city centre apartments.
What happens if a project reduces the availability of public parking?
Any public parking that is impacted due to a development will be replaced.
What type of support will RED provide?
RED will support suitable projects by matching land development opportunities with investors and developers, undertaking project feasibility work, providing partnership funding and or Council land, and other enabling assistance / investment considered appropriate.
If RED makes a financial contribution to a project, will the money need to be paid back?
RED will seek to have any costs recouped where possible and on a case-by-case basis. Should the proposed partnership result in a Joint Venture then these costs could be capitalised into the development subject to negotiations.
Are there any other requirements in order to receive support?
Yes - The project must be located within either the City Centre 1 or City Centre 2 zones.
Is there anything RED won’t support?
RED is not seeking to support inner city living by providing ad-hoc funding for landowners or investors / developers who don’t have a ‘real’ opportunity which can be reasonably delivered as soon as possible. This means that prior to engaging there needs to be a genuine commitment from the participants to progress the project, and base viability has also been completed.
FAQs - REDs role to deliver TPPs
Why has RED’s role been extended to support the delivery of transformational placemaking projects?
The core focus of the extended role is to allow RLC to use RED as a vehicle for supporting projects (TPPs) aimed at achieving the aspirations outlined in the Long Term Plan 2021-2031 and Draft Economic Development Strategy.
The extension of REDs role also acknowledged that new approaches were required by Council to support the private sector to deliver large-scale projects that support inner city living and drive positive transformation in the CBD.
What does this mean?
The extended role of delivering place-making developments on behalf of Council and optimising Councils strategic land assets means RED can now work with the private sector to unlock development opportunities that will be transformational for Rotorua.
The new role allows RED to work more directly with developers and landowners to remove barriers without compromising the integrity of the process.
It does not mean RED is seeking to compete with the private sector or acting as a developer ourselves, instead RED is looking to build relationships and partner with landowners and developers to deliver transformational projects.
Is this approach new?
No – many cities and regions across Aotearoa such as Auckland, Hutt City, Bay Of Plenty and the Far North have used this model successfully for some time. You can see the progress they’ve made here: