The Northwest Regional Development Agency (NWDA) is granting £10.76 million to launch the redevelopment of the Chapel Street area in Salford.
Investment will provide the public infrastructure needed to set in motion a major mixed-use redevelopment scheme in the heart of the city, which will eventually generate over £650 million in private sector investment.
Funding of £8.97 million from the NWDA and a further £1.79 million under the European Regional Development Fund (ERDF), which is managed in the Northwest by the NWDA, will establish high quality public spaces and highways will which connect future retail, housing, leisure and office developments.
The final scheme will generate some 11,000 jobs, 220,000sqm of commercial floor space for office, retail, and leisure development, 849 homes and 390 hotel rooms.
Public sector investment in infrastructure is critical to make the Chapel Street area financially viable and attractive to the private sector.
Paul Lakin, Director of Land and Property at the NWDA, said: “The proposals for Chapel Street will create a vibrant new city centre in Salford and I am pleased that this funding means we can begin to turn these plans into reality. This illustrates how our targeted interventions can help to stimulate private investment and support economic recovery.
“The Chapel Street area has huge potential but needs significant public investment to create the type of environment which is essential to attract high levels of private investment.
“It will be a monumental project which will mean more jobs, economic vitality and a better future for both Salford and Manchester.”
The redevelopment plans for Chapel Street, which have been led by Central Salford Urban Regeneration Company (URC) with developer partner English Cities fund (ECF) were approved by Salford City Council in January 2010 following more than two years of consultation with the community and stakeholders. It aims to deliver the holistic regeneration of this important part of Salford for the benefit of existing and potential residents, businesses and visitors.
Chapel Street links Salford, including MediaCityUK, to Manchester city centre and currently carries some of the highest traffic flows into Manchester city centre from the west.
Source: Northwest Regional Development Agency (NWDA)