Christchurch City Council in New Zealand and the Crown have signed off on a joint funding agreement for the new Canterbury Multi-Use Arena (CMUA).
Together, the parties will contribute a total of $473m towards the stadium construction cost. The Crown will contribute $220m while the Council will spend $253m for the project.
The council is inviting proposals from interested companies to design and build the new 25,000-seat arena, for which early works are expected to begin on-site next year.
Christchurch City Council has set up a new company to oversee the project. Christchurch property developer Richard Peebles and the D&H Steel Construction chair Steve Reindler will serve as directors of this company.
Both men will work alongside Murray Strong, who was appointed as the CMUA project delivery chair earlier this year.
Christchurch Mayor Dalziel said: “This will be an arena for Canterbury and will ensure the region can once again host major events, including concerts and national and international sporting events.
“The Canterbury Multi-Use Arena will be world-class facility that attracts visitors and revenue from around the country and it will cement Christchurch’s reputation as an attractive, vibrant place to live.”
The arena will be constructed on the central city site where enabling works are already under way. It is expected to open at the end of 2024.
Strong said: “As the final anchor project for the city, the Canterbury Multi-Use Arena will put an exclamation mark on Christchurch’s rebuild and will be a facility for the whole of the city that will link sports, events and concerts.”
According to Minister Woods, the arena will provide investment through the Covid-19 recovery.