Mayor Richard Parker agrees to help fund 1,000 new homes in Wolverhampton - starting with 'Bicycle Works' flats on old market square
Plans to build hundreds of flats in Wolverhampton city centre moved a step closer after West Midland elected mayor Richard Parker agreed to a multi-million pound funding package.
The cash injection from the West Midlands Combined authority will allow work to begin on the first phase of the Smithgate development on the west-side of the city.
The initial phase will see the construction of a six-storey block of flats known as Bicycle Works on the site of the former market place between Peel Street and Salop Street.
It will be closely followed by two further six storey residential blocks on an adjacent plot.
The site, which has been empty since the market moved to its present site in Snow Hill in 2018, had previously been earmarked for the council's long-awaited 'box space', but there is no provision for this in the present plans.
The Smithgate development, focused on the western side of the city, will see the creation of up to 1,000 homes along a 12-acre stretch of land running from the former market square in the south, as far as Darlington Street in the north.
The West Midlands Combined Authority, led by the mayor, has agreed in principle to make a multi-million-pound investment into Smithgate, which is billed as Wolverhampton's largest regeneration opportunity.
The name has been chosen in recognition of Wolverhampton's historic role as a centre of the metal industry, with the new apartment block referring to its many bicycle manufacturers.
Detailed discussions will now take place between the combined authority and the English Cities Fund, which is overseeing the construction of the project.
Mr Parker said building more homes on derelict industrial and brownfield land was a cornerstone of his recently launched Growth PlanGrowth Plan to drive a new era of prosperity in all parts of the region.
"This scheme will be a catalyst for growth in Wolverhampton, providing hundreds of badly needed homes," he said.
“People living in these new homes can look forward to having restaurants, shops and leisure facilities right on their doorstep, helping to breathe new life and vibrancy into this part of the city centre.
“At a time when too many families are waiting too long for a decent place to call home it is regeneration schemes like this one that will be a cornerstone of my growth plan to reignite our regional economy, raise living standards and provide the housing we need.”
The Smithgate scheme is being developed in partnership with Wolverhampton Council as part of its city-centre transformation.
Councillor Stephen Simkins, leader of the council, said: “This investment is a major shot in the arm for our plans to transform Wolverhampton city centre.
“We have worked hard with our chosen developer to bring forward ambitious plans that will regenerate this key brownfield site and redefine urban living in our city.
“Once the investment deal is finalised it will enable activity to start on site for the delivery of hundreds of new homes for local people – creating jobs, reshaping our city centre and boosting businesses.”
The council said in March that the development would see £68 million invested into the city centre, creating 30 permanent jobs, with 500 jobs per year being created during the building phase.
It follows the mayor's announcement in February of £20 million investment into the £150 million Canalside South scheme to redevelop the former British Steel and Crane Foundry sites, which have lain derelict for 15 years.
That scheme will provide more than 500 new homes including 109 affordable properties, he said.
