Press article http://www.stuff.co.nz/business/78261803/confidence-slump-among-christchurch-landlords refers.
The Precincts idea has crashed and burned, mainly because of ECON101. The Health Precinct is there all right - but between Kilmore and Bealey - not quite where the Planners Planned, but where the private health players decided to cluster.
The Justice precinct is there all right - amply funded by the person you can see in any mirror.
The rest of the Precincts are toast, because anyone with a calculator and three brain cells can see that paying $3-400 per square per year in the suburbs, leads to higher profits than paying $6-900 in the Old CBD.
And the CCC is perfectly fixated on the Old CBD.
In so doing, it is neglecting its core objective - to Serve its Customers. And, that means wherever those Customers have chosen to locate themselves. This is an abject and serious dereliction of its duty to We, the People (and, not coincidentally, the Funders.)
CCC should be concerning themselves with servicing the New CBD ( (Sydenham/Addington/Middleton/Riccarton/Hornby/Airport arc, plus the Oxford Terrace to Bealey Ave strip and Montreal/Victoria Street), which has forged ahead, safely out of the cold dead hands of CCDU and CERA, and has thereby taken most if not all of the potential business tenancies.
Just as Selwyn DC's IZone has eaten CCC's industrial-land lunch, the New CBD has eaten the Old CBDs'.
To be sure, the Old CBD will evolve into an interesting space over the next 20-40 years.
But this evolution will be Organic, not central-planner driven.
Because, as the article clearly demonstrates, Preferences trump Plans..