However, occupiers protesting the sale of former iwi land for the development say the new deal is ‘unacceptable’ and they will be rejecting it.

A new proposal for the $500 million Shelly Bay development on Wellingtons Miramar Peninsula will see iwi have a greater stake in the project, including owning all commercial assets and securing a distinctive presence in the area.
The multi-million-dollar proposal for the joint venture development, between Ian Cassels The Wellington Company and the Taranaki Whnui iwi, also includes a wharenui (meeting house), an additional $4m cash injection from the company, and the establishment of a $100,000 education fund for iwi members.
The proposal was developed by the two parties to help end an occupation at the Shelly Bay site by a group of iwi members, Mau Whenua, who oppose the development.
Cassels has moved to better accommodate Taranaki Whnui requests since saying in July that the iwis only involvement would be having first right of refusal to buy any non-residential parts of the development.
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The new offer comes following a lengthy standoff over the development, which has been embroiled in several legal battles and, more recently, an occupation of land that the Wellington City Council agreed to sell and lease to The Wellington Company for the project in November.
The proposed development includes new housing units, shops, and a boutique hotel, among other things. (File photo)
In the new deal, obtained by Stuff, the two parties would each contribute $3m to develop commercial services at Shelly Bay, with Taranaki Whnui to own the services.
The companys $3m contribution would be in the form of a 125-year loan, repayable only if the iwi divested any of the commercial landholdings in the future.
Under the proposal, the former Shelly Bay lodge would be turned into a boutique hotel, while the Shed 8 building and Pulley House would be converted into commercial and residential spaces.
The Shipwrights building and Chocolate Fish Cafe would be developed into commercial and retail spaces.
The Wellington Company would contribute $1m towards the new wharenui (meeting house), and contribute $3000 a year towards Mori seeking higher education.
The Wellington Company director Ian Cassels has offered iwi first right of refusal on 43 other affordable housing units as part of the new Shelly Bay deal. (File photo)
It would also offer iwi first right of refusal on 43 other affordable housing units being built by Cassels 10 at the Monark complex in Mt Cook and 33 at the Aro complex in Te Aro.
Dr Catherine Love, from Mau Whenua and one of those occupying the site, said the new proposal was unacceptable and members were likely to reject it.
She said the assets the iwi would own were in fact liabilities because many were derelict and asbestos-ridden, and would be expensive to redevelop.
The proposal was the equivalent of being offered a punctured tyre for a stolen car, she said.
Cassels did not respond to a request for comment, but said in a joint statement with Taranaki Whnui the partnership would be the first of its kind in New Zealands property development sector.
Our partnership represents a unique blend of cultural and commercial interests that will deliver significant benefits for future generations, while respecting the iconic beauty of the peninsula and the people who live here, Cassels said.
Taranaki Whnui Limited director Jamie Tuuta said the parties had worked hard to secure an outcome that delivered the greatest good for current and future iwi descendants.
We know not everyone will agree with the development, but those directly involved in this kaupapa know the gains weve achieved and the progress were making for our people, Tuuta said.
Shelly Bay Taikuru is part of a broader strategy to grow the tribal asset base for current and future beneficiaries and preserving our mana in Te Whanganui-a-tara.
The parties will continue to work with Wellington City Council on establishing the necessary infrastructure to support the development at Shelly Bay Taikuru, for the benefit of the wider community.