£34m funding package to regenerate Coventry’s city centre south
Coventry City Council looks set to approve a £33.95m funding package which will regenerate the city centre south with shops, homes and public open space.
The City Centre South regeneration covers an area including Hertford Street, Market Way, City Arcade and Bull Yard and over the next ten years will create a central quarter for Coventry, delivering new homes, retail units, hospitality and leisure facilities.
The project which is being spearheaded by Shearer Property Regen Ltd (SPRL) (a joint venture between The Hill Group and Shearer Property Group) will build up to 1,500 homes.
If the funding package, which is made up of £28.7m from the £98.7m already committed to the scheme by the West Midlands Combined Authority (WMCA) and £5.25m from the Council is agreed upon, it will contribute towards the delivery of the project which includes 20% affordable housing including social rented homes.
The new homes will be delivered by Hill, comprising of a range of sizes and tenures including private for sale, private for rent and affordable homes all with access to balconies, communal courtyards and other amenity space.
Councillor Jim O’Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council said: “The City Centre South project represents a major opportunity for our city. It’s our chance to take a dated part of our city centre and transform it into a mixed-use space with residential and family-friendly space that incorporates green areas as well as commercial and leisure space. This will be an area that works for the people that live there, the wider city, visitors and businesses.
“These are ambitious plans, but they need to be. The way people interact with city centres is changing and we need to make sure our city is adapting too. Places should never stand still and that’s truer now than it has ever been, that’s why I’m so pleased that the private sector wants to lead this £450 million investment in the future of our city centre”.
Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “This is yet another example of the WMCA stepping up to invest in Coventry’s bright future. We’ve already contributed £35m for City of Culture, £40m towards the redevelopment of the rail station, and tens of millions into schemes like Friargate – all of which help to drive Coventry’s revival and support its growing reputation as a cultural and economic hub.
“As we bounce back post Covid and seek to supercharge our recovery, City Centre South will help to reinvigorate Coventry – and be home to hundreds of people, bringing in additional trade for local shops and businesses.”