Orewa tower plan falls over

Cornerstone Group has withdrawn its proposal to raise $15 million from private investors to help finance a 37-level apartment tower at Orewa.

Cornerstone's Rick Martin said yesterday that he had withdrawn the offer because of lack of investor interest, and had cancelled the tower project.

The company, which is about to begin building the heavily advertised $65 million, 12-level Nautilus apartment block at Orewa, wanted to raise a total of $100 million for the tower.