Low-rise plan for waterfront site

architects submit designs and conducted market research. The market was ‘‘not quite ready’’ yet but they would hold onto their plans rather than sell the land.

‘‘When we can pre-sell them at a reasonable price, we will go ahead and do something then.’’

The original apartments were mostly in the million-dollar bracket. They had been designed by Warren and Mahoney in a project reworked from 14 to seven storeys after attracting local opposition.

New height restrictions and buyer preference post-earthquake meant they would probably build only four storeys high next time around, Wright said. Shops and a cafe would probably go on the ground floor.

‘‘There’s no point in having highrise in Christchurch.

‘‘There are a lot of people living on the hills that would like to come down and retire in the area, but they don’t want to live up high now.’’

South Valley Investments is owned by a family trust headed by Wayne and Chloe Wright, who are Tauranga based businesspeople and philanthropists.

The couple have been working on the plan with the Dymand family, who originally ran the Ferrymead Tavern on the site before selling it to the Wrights.

Wright said it would be a waste not to put apartments on the property. ’’It’s such a beautiful site. The previous owners loved living there so much.’’