The site is part of a 2,500 acre portfolio acquired by regeneration specialist St Modwen Properties from BP in 2009.
St Modwen has now agreed terms with Swansea University for the provision of the £150m first phase of the New Science & Innovation Campus on the 65 acre Transit site, which has been fully remediated.
The first phase of this scheme, which received detailed planning permission in December 2012 from Neath Port Talbot County Borough Council, will comprise 700,000 sq ft of development including 430,000 sq ft of academic space, 899 student apartments and associated retail space.
St Modwen expects to start on site in April 2013.
The university has secured European Investment Bank and Welsh Government funding and St Modwen has secured the investment sale of 50% of the student accommodation to an institutional investor.
Outline planning permission is in place for future £300m development phases.
St Modwen chief executive Bill Oliver said: “The new Science & Innovation Campus will help position Swansea University as a vibrant and modern destination for academic studies, while also helping to attract high technology companies to the city. We expect the project will create a variety of highly skilled jobs, providing a significant economic boost for Swansea and the wider area during a period characterised by low growth and investment.
“This is an incredibly exciting project and one that complements our extensive experience in regenerating complex sites. We are very pleased to have agreed terms and look forward to engaging with Swansea University, Neath Port Talbot Council and other stakeholders to progress the delivery of this substantial and strategic development.”
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