Wolverhampton City Council has signed off a development deal with Muse-led English Cities Fund to bring forward its City Centre West regeneration scheme.
The council hopes the transformation of the west side of the city centre could ultimately see the development of around 1,000 new homes and an improved leisure, food and beverage, and retail offer, connected by new public spaces.
It will be the first opportunity to be delivered by the public-private partnership in the Midlands.
The City Centre West site covers a 12-acre area linking School Street and Darlington Street, including the area around Market Square.
ECF will now develop a proposal for the area ahead of submitting a detailed planning application for phase 1 and an outline planning application for the rest of the site later this year.
Sir Michael Lyons, Chair at ECF, said: “Having a Development Agreement in place is an important step, and builds on our strong partnership with City of Wolverhampton Council.
“We have been exploring potential partnership options over recent months and this is proof of a joint commitment to deliver at City Centre West.
“The ECF Board expects to be in a position to confirm the agreement in the very near future, ahead of the delivery of a planning application.”
