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The Government will introduce special legislation to allow Ngai Tahu Property to develop 600 new homes on 38 hectares of surplus land at the Riccarton Park Racecourse.
Ngai Tahu Property chief executive Tony Sewell says the land is covered by two reserves acts and will need rezoning, so the development would take much longer without the law change.
The company will buy its share of the land in a 50:50 joint venture with Christchurch Racecourse Reserve Trust and then develop it.
Trust chair Peter Cordner says the racecourse itself will be unaffected, as well as the 1200m chute and the training stables on the Yaldhurst Road boundary.
The trust intends to use the capital from the development to provide an annual annuity to support racing at Riccarton Park and the maintenance of the reserve.
Building and Housing Minister Dr Nick Smith says first home buyers will be able to use their KiwiSaver HomeStart savings for the deposit on homes on the land.
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