Salford City Council has made a decision to release £4.7m of support to the English Cities Fund.
The money will be used to support the 23-storey Stanley Street residential project with works set to start on site in March.
English Cities Fund, a joint venture between Muse, Legal and General and Homes England, submitted the request for £4.7m from the Salford Central Development Trust Account (DTA) – because the site is unviable without the contribution.
The DTA account was set up in 2006 to ‘lock in’ the value created from more profitable developments in the Salford Central masterplan area to support less viable projects.
Planning permission was approved in October 2019 for a landmark 23-storey building with 6-storey podium block to provide 211 apartments, ground floor commercial units and £3.3million of public realm improvements.
Salford City Mayor Paul Dennett said: “The regeneration of the Salford continues and the site on Stanley Street features an impressive £3.3million of public realm improvements. The land used to be a surface car park but it is now being converted into homes with units available for businesses to create jobs in the area. The area will be totally unrecognisable when it is transformed.
“Salford is growing and this is providing investment, new jobs and opportunities that the city can benefit from. This year at the council I have presented a budget that offers no further cuts to the vital services we provide to the public. It is only thanks to our own financial management and growth, with projects like this at Stanley Street, that we have been able to cushion the impact of further cuts to our budget on residents.”
The Salford Central Masterplan is a 20 year regeneration initiative. It is one of the UK’s largest development projects, ranking 25th in Planning magazine's 2013 survey of the country’s 100 biggest regeneration projects.
The Salford Central Masterplan is made up of two inter-dependent but distinct areas; Chapel Street and New Bailey.
The scheme has the capacity to provide £650 million investment, 11,000 new jobs and 197,000sqm of commercial space.
Projects complete so far include: