Plans to turn a brownfield in Bilston into a retail park that will create more than 330 new jobs are supported by the West Midlands Combined Authority.
The 15 acres near Brook Street will feature 15 commercial and retail complexes providing 166,500 square feet of lodging to meet a variety of uses.
The WMCA’s board of directors has now agreed, in principle, to make a multi-million dollar investment to kick-start the project which is being built through Oldbury-based Goold Estates and is part of the WMCA’s wider plan. Redevelopment of the urban village of Bilston.
This will be the latest in a series of WMCA investments raised in government cash to provide new housing, jobs and advertising space on urban sites and brownfield sites, helping to drive economic expansion while reducing pressure on the structure in the green belt.
The board will now initiate detailed negotiations between WMCA and the developer to finalize an investment agreement.
The investment will be used in part to cover the costs of cleaning up the site and making it suitable for redevelopment.
Work may begin as soon as this spring, subject to approval of plans.
Andy Street, Mayor of the West Midlands and Chair of the WMCA, said: “This multi-million dollar investment through the WMCA is wonderful news for the local people of Wolverhampton.
“Bilston Urban Village is key to the wider regeneration of Wolverhampton as we continue to bring in new funding, new homes and new jobs.
“By collaborating with Wolverhampton City Council, we are the quality of life for residents, while ensuring smart road access, prioritising cycle lanes and pedestrian routes and offering the right connectivity to the city centre.
“I look forward to seeing this scheme come to life – changing lives for the better in the months and years ahead.”
Councillor Ian Courts, Solihull council leader and head of the WMCA housing and land portfolio, said: “It’s wonderful to see some other brownfield regeneration work in place to start in Bilston.
“This will create jobs for many other local people and lead to massive investments in the region. I am pleased that the WMCA has new and deeper decentralization powers from government to provide new housing, jobs, and advertising areas on urban sites and brownfield sites. .
Councillor Stephen Simkins, City of Wolverhampton Council leader, added: “We welcome this funding to support the council’s chosen developer with their plans for this strategically important site that will generate hundreds of jobs for our residents. It is another milestone for Bilston Urban Village, where we have also realised our vision of creating hundreds of new affordable homes for families.
“The urban village offers vast open spaces nearby, new schools where young people can learn, a top-notch recreation centre nearby, a family pub/restaurant available, and further investments are planned for the city centre.
“It’s also an ideal location with maritime connectivity in particular designed for this robust employment, housing and recreation offering. “
Goold Estates has already invested in Wolverhampton following the construction of six commercial and warehouse complexes at Steelpark Trading Estate, Wednesfield, which have created more than 150 jobs.
Dominic Goold, managing director of Goold Estates, said: “We are very grateful to the WMCA for its support for a new industrial/urban logistics scheme in Bilston. This is a complex site which requires significant investment and we would simply not be able to proceed without this funding. We look forward to making a start on site as soon as we’re able to.”
Bilston Urban Village is part of Wolverhampton’s wider regeneration plans, which will create new business opportunities in the city and its public transport.
Developers Kier completed the first residential phase of 78 homes on Dudley Street, while Countryside built 420 homes on Coseley Road, all occupied by families living on the outskirts of the city centre.