Dunedin city councillors agreed in this year's annual budget to allot the money to the warehouse precinct heritage reuse grants scheme, the scheme opening for applications last week.
Five applications have already been received.
The fund is one of several schemes to encourage building reuse in the area south of Queens Gardens, which the Dunedin City Council wants to see returned to a thriving economic and social area.
So far, about $150,000 has been granted from the Dunedin Heritage Fund to building owners in the area, and the owners of at least five buildings there have been granted rates relief for several years while they fix up their buildings.
The launch of the warehouse precinct heritage reuse grants scheme follows the release last week of a summary of feedback from two workshops on what people want the precinct to look like in the future, and how they want the council to spend $500,000 it has also put aside to spend this financial year on improving amenities in the area.
Final decisions on how that money will be spent will be made after public consultation later this year.
Council heritage policy planner Dr Glen Hazelton said three of the five applications already received for the new grants scheme were for new projects and the latest grant from the Heritage Fund for work on a warehouse precinct building was also for a new project, which showed there was increasing activity and interest in the area.
The reuse grants are for improvements in the use and physical appearance of heritage buildings.
The work must be done in a way that protects heritage values, and grants can be used for things like earthquake strengthening or facade improvements, to support reuse of buildings for start-up or expanding businesses (e.g. for fit-outs, digital infrastructure etc) or to support creative sector interests wanting to move into or maintain their activities in the area (e.g. fire-rating or sound-proofing studios).
It was expected the scheme would be popular and funding would not be able to meet demand.
