The future of a new $70 million apartment block on a prominent Wellington site is in doubt, in spite of the Environment Court clearing the way.
Tuesday, March 1st 2005, 5:27AM
by The Landlord
Developer Land Equity Group is to review whether the 11-storey, 68 apartment Watermark complex is still commercially viable.
The building would replace the Wellington Markets building at the intersection of Cable and Taranaki streets while retaining the adjoining heritage-listed John Chambers Building which houses the Rialto cinema.
Wellington City Council granted resource consent for the development in December 2003 even though it breached the site's 27m height limit by 14.5m.
But the owners of the neighbouring Duxton Hotel appealed the decision because of concerns over how the new building might affect the area.
The Environment Court this week dismissed that appeal, saying the new building would be an attractive addition to the area.
Land Equity Group managing director Donald Stott said he was extremely pleased at the court's decision but would now have to decide whether to proceed with the project.
