Property, investment
$120 million

One of Christchurch’s wealthiest citizens, Philip Carter is set to pump new life back into the heart of the city with a glossy $140 million precinct called The Crossing, which is expected to be completed before Christmas 2016. The design came together last May after Mr Carter bought the quake-damaged Crossing public carpark from Christchurch City Council, which expanded his existing landholding in the CBD.  What is now the largest private development in the city will cover a hectare of land bordered by Cashel, Colombo, Lichfield and High Sts.  On two levels, it will hold 60 shops and cafes, with extra floors of offices on the corners and will feature courtyards, laneways and airbridge links designed to give people the experience of being both inside and outside the complex. It will have parking for more than 600 cars.

Mr Carter is among a group of local developers – including Tim Glasson, Nick Hunt and Antony Gough – who are behind the rebirth of the city’s retail core. He says the development will be “the cornerstone of a vibrant and world-class retail precinct that will be a drawcard for locals and visitors alike.”

After losing both his Cliffton Tce home as well as commercial buildings in the 2011 earthquake, Mr Carter has weathered plenty of changes in the past few years but things are starting to fall back into place. Even the Philip Carter Family Auditorium at Christchurch Art Gallery is expected to re-open by the end of this year.