£600m masterplan and 10,000 jobs for Birmingham's business district
A £600 million masterplan could turn Birmingham into a financial centre to rival London, Frankfurt or Zurich, creating 10,000 new jobs and providing a massive boost to the local economy.
The scheme is to transform the Snow Hill and Colmore business districts over the next 20 years to win investment from global business, professional and financial services firms.
Birmingham's aim is to repeat the huge success of London's Canary Wharf and pull in more firms to add to its growing list of investors, which already includes property services group DTZ, Deutsche Bank, Royal Bank of Scotland and multinational law firm Hogan Lovells.
The 20-year Snow Hill Masterplan has been launched by Birmingham City Council and Colmore Business District (CBD). As well as creating 10,000 new jobs, it aims to generate more than 200,000 sq m of new office space, and boost the local economy by over £600 million each year.
It builds on the £600m transformation of New Street station while redeveloping Snow Hill station will include new commercial buildings replacing its multi-storey car park.
Sir Albert Bore, Leader of Birmingham City Council, said: "Birmingham is putting in place the building blocks for a global business and financial centre. The city is already investing heavily to ensure that firms have everything they need to thrive here.
"The Snow Hill Masterplan provides a bold and exciting proposal for how Birmingham can continue to grow its thriving business and professional services sector. With time, we want the city to replicate the success of Canary Wharf, with areas like the Snow Hill district forming the cornerstone of this vision."
Councillor Tahir Ali, the Birmingham's development and transport chief, added: "The Masterplan proposals will be supported by significant investments from the public and private sector to deliver a range of benefits, including improved public routes and spaces.
"Its proximity to the HS2 Curzon station, linked via the new Metro connection, will ensure that the Snow Hill district will be at the heart of Birmingham's offer as an international business investment destination."
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