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The Wall Street development in the George Street retail area will contribute significantly to the health of the Dunedin City Council's property investment portfolio.

Why are we building Wall Street?

This $34 million project came about after a Residents Opinion Survey indicated that ratepayers wanted the DCC to reduce reliance on rates increases by increasing external sources of income.

It was suggested that the Endowment Investment Property Portfolio be used. This portfolio was set up by the original forefathers of the city for the benefit of the city and is protected under statute. It contains a requirement that we keep the capital in investment property, ensuring an annual dividend benefit for past, current and future generations.

From this suggestion, Wall Street was developed.

The design

The development will have three buildings with distinct characteristics set around a central pedestrian street. The whole area will be covered by an atrium to keep out the weather.

The southern building is a traditional design and adopts many of the characteristics of Dunedin's historic architecture. The southern wall will extend the entire length of the atrium and is approximately four stories high. This wall has been dubbed 'The Great Wall'.

In contrast, the building on the northern boundary of the atrium is a modern design. The George Street facade is mainly glass, and will have a picture of an historic building etched into it. The internal wall is curved from George Street around to the internal access point leading into the Golden Centre.

The third building sits at the west end of the atrium and links it with Filleul Street. This building is set aside for larger scale retail.

Sustainable building design

The Wall Street complex will use as many environmentally friendly features as possible. These include:

• Heat from the basalt will be used to warm and cool the building through heat convection
• Facility to collect rainwater to supply the toilets has been incorporated in the design.
• Solar energy panels may be installed for water heating as solar energy becomes more economically viable.

Who's paying?

The cost of the project is estimated at around $34 million. This money is coming from the Endowment Investment Property fund mentioned above. There have been no loans used for this project ensuring a minimal contribution is made by ratepayers.

Where is the development at now?

Since construction started in October 2007, work has been progressing at a steady pace. It is on schedule and budget, and all deadlines are being met by the contractors.

Retail space in the heart of Dunedin's retail area, dubbed 'the Golden Block', is hard to secure. The 19 retail tenancies provided by 'Wall Street' is a welcome retail expansion and one the national and international retailers have been quick to pursue.

The complex is due to open on 21 March 2009.