Developers are calling for expressions of interest for a $29 million luxury inner city apartment development planned for 10 Park Street.
The existing two storey building will be replaced with the six storey Latitude Residences apartment complex being developed by TYBI in partnership with Form construction, Ignite Architects and Veros Property Services.
Expressions of interest open with marketing agents Ray White Tauranga directors Ian Grindle and Rodney Fong, on Wednesday.
The development is another indicator of the revitalisation of the city centre and will meet the growing need for quality inner city residences,” says Ian.
“Latitude Residences will meet a growing need in the market. The city and region's fast-paced growth means more and more out of towners and locals are looking for residential options that put them in the heart of the city within easy reach of all of the amenities on offer, and afford them a lifestyle that is all about convenience, security and refinement.
The development features 27apartments with one, two and three bedroom options with studies, decks and parking facilities. Boasting sweeping inner harbour and Mount views and in such close proximity to the city centre, the Mount and arterial routes to Auckland and Hamilton, interest is expected to be high from those seeking the convenience of inner city apartment living.
“The development team has an established reputation for excellence in construction and the interior fit-outs speak for themselves,” says Ian.
“Residents will be able to walk to restaurants, cafes, bars, the theatre, waterfront, city centre amenities and shops. There are good quality medical amenities close by and, with the Mount lifestyle, beaches and the airport just over the bridge, it will certainly be an easy and attractive property to market.”
Demolition/construction is expected to begin toward the end of the year.
The development reflects the growth and maturity of both Tauranga and the city centre, says Veros Property Services Development Manager Sunil Hira.
“Aligned with Tauranga's fast-paced growth and the city centre revitalisation is a growing demand for inner city living options. Investment in quality developments like Latitude Residences meets this need.”
Latitude Residences is one of a number of planned developments that are starting to meet the growing demand for inner city living as the population of Tauranga increases and diversifies, says Priority One Chief Executive Nigel Tutt.
“Medium to high density residential developments on the city fringes are essential if we want to see Tauranga grow into a vibrant and contemporary city. Developments of this kind will also result in increased public and private sector investment in amenities and activities to support the city centre and create an area that is increasingly attractive to local people and visitors alike.”