Housing Minister Phil Heatley and Auckland mayor Len Brown signed a heads of agreement to invest in transforming Glen Innes and Panmure. Photo / Sarah Ivey

Housing Minister Phil Heatley and Auckland mayor Len Brown signed a heads of agreement to invest in transforming Glen Innes and Panmure.

The government and Auckland City are jointly investing $8.5 million in a new commercial entity to guide the plans to transform the suburbs of Glen Innes and Panmure over the next 20 years.
Housing Minister Phil Heatley and Auckland mayor Len Brown have signed a heads of agreement to create the Tamaki Redevelopment Company, a facilitating entity in which the government will take a 59 per cent share and Auckland City a 41 per cent share, contributing $5 million and $3.5 million of establishment capital respectively.
The company follows a three-year consultation process in which a Tamaki Transformation Plan was created, with delivery of all elements of the vision estimated to cost around $1.9 billion over 20 years, and with potential to create as many as 45,000 jobs over a 30 year period.
The plan envisages the creation of "more mixed communities" to accelerate the economic prospects of the area, which is forecast to grow swiftly in coming years, being close to both the Auckland and Manukau city centres. Population is expected to double by 2046, the plan says.
"The TRC will lead the transformation, undertaking some projects itself, procuring delivery of other projects, and influencing the direction of others," said Heatley, who last year suggested it could be produce New Zealand's first "urban development agency" and a blueprint for other urban redevelopment projects.