The Otago Daily Times has reported that the potential developers of a 5-star hotel in Dunedin pulled out of the multi-million dollar project yesterday, just over a month after signing a memorandum of understanding with the Dunedin City Council.
It appears Betterways Advisory Limited has scrapped the proposed waterfront hotel when a joint traffic management report was not delivered by the self-imposed deadline. The delayed traffic report was not the first set back the project had encountered. Resource consent for the development had been declined in June last year and is currently under appeal.
This is no doubt disappointing for Dunedin. A new 5-star development is a draw card for any city. However, it highlights just how important the consent and approval phases of a development can be to its ultimate success.
(click here to read the ODT article)