Invercargill Receives $19.5M Loan From Provincial Growth Fund To Help Fund City Centre Redevelopment

Invercargill is getting a loan of $19.5 million from the Provincial Growth Fund to help with a big redevelopment of the central city.

The project to attract businesses and shoppers back to the CBD and put vacant or abandoned buildings into use is costing $165m.

Regional Economic Development Minister Shane Jones said it could boost Southland’s GDP by around $48m per a year, create more than 500 jobs during the construction phase and a further 300 retail and hospitality jobs once it’s finished.

“Our investment, which will be in the form of a loan, is part of a $165 million project to redevelop an entire block in the Invercargill city centre for retail, hospitality, office space and entertainment,” Mr Jones said in a statement.

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He said it will be an absolute game-changer for Invercargill and the wider region.

Mr Jones said the redevelopment is being led by key local players including the Invercargill City Council.

“This is a prime example of a project that is driven and powered by the region and its people,” Mr Jones’ statement said.

Source: rnz.co.nz Republished by arrangement.