Daly Street Apartments have risen from the ashes.

The apartment development in Lower Hutt has been taken over by another developer looking to finally get it off the ground.

The backstory on the development was that the property group Merge was the original developer in March 2008 declaring that it had sold 26 of the the 28 apartments. Prices ranged from $630,000 to $1.5 million for a penthouse.

The projet stalled because of lack of working capital and Merge approached the Hutt City Council for financial support. Councilors initially approved a $1.7 million loan to support the $22.5m project sighting it supported inner city development. This was then cancelled in the face of public outrage when it become public.

Peter Savage,a director of City living Group, confirmed this week his company had taken over the Daly Street Project. He declined to say how much he had paid to Merge Group.

Mr Savage said the entire project was under review and it was not possible to say when work would begin. However, his company had been in touch with all the previous apartment buyers and was looking at all aspects of the building and elements of design.