Major funding boost for Broad Marsh as cash set to be allocated for demolition
The regeneration of the Broad Marsh area in Nottingham city centre could take a major step forward next Monday (December 16) when the East Midlands Combined County Authority (EMCCA) is set to sign off £9.5m in funding to local projects that will help support economic growth for the region.
Almost £3.4m looks set to be allocated for the demolition of more of the former Broadmarsh shopping centre – specifically part of the frame on the land near to the newly-opened Green Heart.
EMCCA says it hopes this will be an important part in helping to bring forward work on Broadmarsh which will, when complete, create 1,600 homes and just over 2,000 jobs.
Other funding projects that look set to be signed off include up to £1.5m for the South Derbyshire Growth Zone (SDGZ) to bring forward a new junction on the A50 Trunk Road which would enable plans to build 4,500 homes (with Garden Village status) and 3.45m sq ft of commercial floorspace, plus supporting infrastructure – including a secondary school.
Meanwhile, in Bassetlaw, the Trent Clean Energy Supercluster, could get £3m. The project centres on three former coal-fired power stations located alongside the River Trent: West Burton, High Marnham and Cottam, all in Bassetlaw. The West Burton power station site in North Nottinghamshire will be home to the ground-breaking STEP prototype fusion energy plant.
Up to £3.75m could be allocated for Derby City Urban Quarter. The funding will enable the wider project work to revitalise historic buildings, enhanced transport infrastructure, create new homes and improve public realm.
On Infinity Park in Derby up to £1.5m looks set to go towards research and development facility within EMCCA’s Investment Zone to support advanced manufacturing and nuclear sectors. The project will provide services, facility hire and collaborative space to attract new supply chain businesses and inward investment. The funding from the Investment Fund will be used to repurpose existing space available on the Investment Zone site to enable the delivery of new research and development activities which would mean more jobs created.
Mayor of the East Midlands, Claire Ward, said: “These projects have been chosen for funding this year because their delivery will help boost the region’s economy. They will create jobs, help towards building homes, boosting local businesses and manufacturing and produce cleaner energy.
“We want to support and enable them to continue their work and help us towards achieving our vision for an East Midlands full of opportunities, from having good jobs, quality education, and thriving local economies.
“We want to invest in vital projects, we can’t achieve the vision on our own, we need to work with partners across the region to invest in the right projects, projects that will make a real difference and this funding is just the start for the East Midlands.”
EMCCA set out its initial strategic objectives for the region in the initial Strategic & Investment Framework. This sets out the vision for the region and 10 key objectives for growing the region.
EMCCA has since commissioned the development of a long-term regional strategy – the East Midlands Inclusive Growth Strategy, which will guide how EMCCA invests a £4bn funding pot to help drive a thriving economy across Derby and Derbyshire, Nottingham and Nottinghamshire.
This strategy is being overseen by the Inclusive Growth Commission, which will set out a ten-year plan for the improvement in the economic, social, health and environmental conditions in the region. They will spend the coming few months talking to communities, businesses, councils and major regional institutions to find out what people think about the region and its potential.
