Coventry regeneration plans move closer with £12m boost
Work is due to start this year, with the first phase completion expected to be in 2031.
Coventry City Centre is said to be one step closer to regeneration, after an additional £12.24 million has been approved by the West Midlands Combined Authority (WMCA).
The money will be used to unlock the Coventry City Centre South scheme, and help transform outdated areas of the city, including Bull Yard, Shelton Square, City Arcade, and Hertford Street.
The West Midlands Combined Authority has funded a total of £113m towards City Centre South - the biggest amount it’s made to date into a single regeneration scheme.
Coventry City Council is contributing £32 million.
The development, which covers 6.3 hectares of land within the city centre, includes 1,575 new homes - at least 20% of which will be classified as affordable housing.
New retail and leisure spaces, a community health centre and potential for a hotel with 150 rooms in the second phase also make up the regeneration plans.
The project, considered a strategically important housing scheme, will start in 2024 and complete in stages, with the first homes expected to be occupied from 2027.
The first phase completion is expected to be 2031.
Cllr Jim O’Boyle, cabinet member for jobs, regeneration and climate change for Coventry City Council, said: "This is great news and the additional funding means that the developer can now get on site and get cracking.
"City centres are changing – and Coventry is no exception - so this investment will help to ensure our city centre can continue to prosper. It will create a thriving, bustling new community that can help to support shops and restaurants and leisure attractions. It will also create jobs and apprenticeships which is good news too."
Developers The Hill Group and Shearer Property Group are working in partnership with Coventry City Council and the WMCA as the developers for the regeneration project.
The additional £12.24 million is needed due to increased costs resulting from the revised Government Building Regulations and Building Safety Act.
The WMCA has already invested £39.4 million in the regeneration of Coventry railway station and £51.2 million into Friargate, one of the largest mixed-use developments in the Midlands.
Andy Street, Mayor of the West Midlands and Chair of the WMCA, said: "This is an exciting time for Coventry as this brownfield redevelopment represents a landmark investment and significant regeneration opportunity - the likes of which this city has not seen for decades.
"The City Centre South scheme is proof that the Deeper Devolution Deal - agreed with Government in March 2023 - is delivering results on the ground by empowering us with the autonomy to align with the local needs of Coventry residents with new apartments and office spaces.
"It’s great to see a vibrant new district come to life in this historic part of the city and I'm looking forward to visiting it once completed."
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