Deal gives iwi greater stake
Developer and Taranaki Wha¯nui agree on $500 million joint venture
Taranaki Wha¯ nui and The Wellington Company have reached an agreement on the $500 million development at Shelly Bay, in a joint venture that will have cultural, social, environmental and commercial dimensions.
Under the new plan, the iwi will have a greater stake in the development project than previously proposed, including owning all commercial assets and securing a ‘‘distinctive’’ presence in the area.
‘‘We know not everyone will agree with the development, but those directly involved in this kaupapa know the gains we’ve achieved and the progress we’re making for our people,’’ said Taranaki Wha¯ nui Limited director Jamie Tuuta.
The two parties had worked hard to secure an outcome that delivered the greatest good for the current and future descendants of Taranaki Wha¯nui, Tuuta said, describing the development as ‘‘part of a broader strategy to grow the tribal asset base’’ and preserve the iwi’s mana in Wellington.
Ian Cassels, the developer who owns The Wellington Company, said the proposal was ‘‘really quite wonderful’’ and would see the iwi owning the waterfront land at Shelly Bay. ‘‘This is a real saving of Shelly Bay. It will become a pristine community that’s never been seen before in New Zealand in terms of what it offers and what it does.’’
Cassels has moved to better accommodate Taranaki Wha¯ nui requests since saying in July that the iwi’s only involvement would be having first right of refusal to buy any non-residential parts of the development.
The new offer comes following legal battles and, more recently, an occupation of land that the Wellington City Council agreed to sell and lease to The Wellington Company for the project in November.
In the new deal, obtained by The Dominion Post, some existing waterfront buildings and other heritage buildings would be redeveloped as commercial entities, and Taranaki Wha¯ nui would retain ownership through a joint venture partnership.
The two parties would each contribute $3m to develop commercial services at Shelly Bay, with Taranaki Wha¯nui to own the services. The company’s $3m contribution would be in the form of a 125-year loan, repayable only if the iwi divested any of the commercial landholdings.
The deal included a purposebuilt wharenui (meeting house) that will be called Te Whare Marukaikuru and will be located in a designated green space or cultural reserve, together with an artist-in-residence programme.
A $100,000 fund for education and training for iwi members would also be established, and iwi members would be offered first right of refusal on 43 other affordable housing units that The Wellington Company is building in Mt Cook and Te Aro.
City councillor Jill Day welcomed the agreement. ‘‘The development at Shelly Bay will deliver better outcomes for all residents while ensuring mana whenua receive an ongoing financial benefit.’’
Catherine Love from Mau Whenua, a group with a small number of members occupying the site, said the new proposal was ‘‘unacceptable’’ and the group would likely reject it.
The assets were in fact ‘‘liabilities’’ because many were derelict and asbestos-ridden, and would be expensive to redevelop, she said.