Pegasus unveils plans for $70m town centre
Almost a year to the day since the town of Pegasus changed hands, its new owners have unveiled pictures of how the new town centre will look.
Developers Todd Property Group will spend more than $70 million building the town centre around Lake Pegasus.
To be called Mainstreet, it will include shops, bars, restaurants and professional offices, with apartments and retirement housing alongside.
Managing director Evan Davies said earthworks would get under way in March or April, and construction would start soon afterwards to match tenant demand. Mainstreet could be finished as early as 2015, he said.
First up would be a medical centre and pharmacy, followed by family restaurants and bars and "day-to-day" shops.
Davies said the residents "had not been backward about coming forward" with their thoughts on what they wanted.
"You can't always make everyone happy, but I think what we've come up with is pretty cool," he said.
Todd Property Group bought the town's commercial area and unsold sections in December last year from receivers, after the previous developer, Pegasus Town Ltd, controlled by Bob Robertson, ran aground over an outstanding loan.
The Todds announced they had rethought existing plans for the town centre, dropping facilities including an equestrian centre and hotel and opting for a commercial centre as big as central Rangiora.
The town already has a store, cafe, golf course and pre-school, and a primary school opens next year.
Mainstreet has been designed by the Buchan Group, the architects who designed the Christchurch Art Gallery.
Tenants will have the option of leasing or buying their premises.
One thousand sections have been sold at Pegasus, and 50 residents a month are arriving.
Davies said he expected to have 2000 residents by the end of next year, and 4500 residents by the time the town development was completed in about five years.
He said rising construction costs were a concern, but the company was confident of the viability of the town centre project.
The company estimates Pegasus residents will be spending close to $200 million a year on consumer items by 2031.
Todd Property Group, owned by New Zealand's wealthiest family the Todds, is also building housing communities in the North Island and in the United States. Pegasus is its first South Island property development.
PEGASUS BY NUMBERS
Sections sold: 1000
Residents by end of 2014: 2000
Eventual population: 4500
Cost of town centre: $70m
Todd family wealth: $2.9b (NBR Rich List)