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Rotorua is set to cash in on the ''booming retirement village industry'', business leaders say, as plans for another multi-million dollar development take shape.
A $20 million retirement village with 66 units is in the pipeline for a 2.2ha site fronting Te Ngae Rd.
The Lynmore Rise Retirement Village development is a joint venture between Owhatiura South Inc and Classic Builders from Tauranga - and comes hard on the heels of Regency Park Estate's announcement last month that it will spend $12m constructing 30 retirement villas.
Owhatiura South chairman Bryce Morrison said it owned substantial parcels of land fronting Te Ngae Rd and the retirement village had been three years in the planning.
Growth in the number of retirees and the need for more facilities has prompted the project.
''The Lynmore Rise Retirement Village is a carefully considered concept and is well located with easy access to Rotorua's amenities and the CBD,'' he said.
Classic Builders co-owner Peter Cooney said it had built a number of retirement villages and the construction of Lynmore Rise would provide local employment opportunities for contractors and sub trades.