Mt Iron Junction Limited lodged its application in February this year, with approval being granted five months after the appointment of an expert panel.
“This is exactly what Fast-track is designed to do – get projects moving that will deliver more homes, jobs and economic opportunities for New Zealanders,” Bishop said.
As part of the consenting approval, 13 of the new homes will be provided to the Queenstown Lakes Community Housing Trust for affordable housing.
Visitor accommodation, such as Airbnbs, will be limited to 20% of the development, with those properties able to be used for short-term stays for no more than 120 nights a year.
“The development has a three waters strategy covering water, wastewater and stormwater, which the expert panel and local councils were satisfied was appropriate, subject to final design and engineering,” Bishop said.
The expert panel has said there must be well-lit walking and cycling links across parts of State Highway 84 and State Highway 6.
The project will be delivered in five stages over 10 years.
Queenstown Lakes Mayor John Glover is among those who have called on the Government to pause residential Fast-track projects.
There are 71 projects progressing through the Fast-track process, 37 active substantive and 34 referral applications.
Katie Bradford is a senior correspondent at the Herald. She has been a broadcast journalist for over 20 years and was based in the press gallery for 10 years. She specialises in politics, business and Auckland issues.