English Cities Fund (ECF) was identified by the council as its preferred regeneration partner for City Centre West back in October and has now agreed terms.
ECF is a joint venture between Homes England, Legal & General and Muse, the placemaking subsidiary of Morgan Sindall.
The Development Agreement was approved at a meeting of the City of Wolverhampton Council’s joint cabinet and cabinet resources panel this week.
City Centre West covers a 12-acre area linking School Street and Darlington Street, including the area around Market Square. Its long-term, phased transformation is expected to see the delivery of 800 to 1,000 new homes, along with leisure and retail facilities.
ECF is expected to submit a detailed planning application for phase 1 and an outline planning application for the rest of the site later this year.
Councillor Chris Burden, the council’s cabinet member for city development, jobs and skills, said: “The council approved ECF as the preferred partner for City Centre West because of their strong track record of working with local authorities in partnership to create great places, bringing together investment and their regeneration expertise, while providing long-term commitment to social value outcomes.
“The development agreement signals a major step forward in being able to deliver one of the major opportunities from the Wolverhampton Investment Prospectus, which presents an ambitious vision of how the city can grow – building on the significant levels of public and private sector investment already on site or in the pipeline in Wolverhampton.”
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