West Midlands Combined Authority has announced that a project to regenerate Coventry City Centre is progressing thanks to new funding to unlock a ‘strategically important’ housing development.
Approved by the combined authority, the additional £12.24 million of investment is being committed to unlock 6.3 hectares of land within the city centre that will include 1,575 new homes. On top of the significant number of new homes, this development is important thanks to 20% of the properties being classified as affordable.
Coming in the second phase of the programme, the homes will be complemented by new retail and leisure spaces, a community health centre, and the potential for a new hotel.
This funding commitment means that the total amount of investment that has been put into the project by West Midlands Combined Authority is now £113 million, with Coventry City Council putting in £32 million to the regeneration scheme.
West Midlands Mayor Andy Street said:
“This is an exciting time for Coventry as this brownfield redevelopment represents a landmark investment and significant regeneration opportunity - the likes of which this city has not seen for decades.
“The City Centre South scheme is proof that the Deeper Devolution Deal - agreed with Government in March 2023 - is delivering results on the ground by empowering us with the autonomy to align with the local needs of Coventry residents with new apartments and office spaces.
“It’s great to see a vibrant new district come to life in this historic part of the city and I'm looking forward to visiting it once completed.”
Councillor Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change at Coventry City Council, also commented:
“This is great news, and the additional funding means that the developer can now get on site and get cracking.
“City centres are changing – and Coventry is no exception - so this investment will help to ensure our city centre can continue to prosper. It will create a thriving, bustling new community that can help to support shops and restaurants and leisure attractions. It will also create jobs and apprenticeships which is good news too.”
Image credit: iStock
