New $45 million Queenstown tech hub on track for October opening

Work is progressing well on a $45 million building that is expected to be the focus of further innovative growth in the Southern Lakes.

The project is part of the Remarkables Park development in Frankton and project lead Jonathan Chen says that everything is on track for an October opening.

The Government's Crown Infrastructure Partners will loan up to $22.5 million for the new research and innovation hub.

Mr Chen describes the building as being a "beacon" for new ideas rather than an incubator or accelerator. It will have a mix of collaborative spaces and private office and meeting rooms.

Because of dramatic increases in construction costs parts of the building design have had to be adapted from the original plan, but without any major reduction in floor space.

Mr Chen still thinks that the project will overshoot the $45 million budget by a modest margin.

He expects the identity of the anchor or foundation tenant to be announced soon and says about half of the building is already contracted to a variety of organisations and new enterprises.