Mayor Steve Rotheram confirmed work has begun on a business case for a new development body.
The city region’s mayor announced the next stage of the proposed Mayoral Development Corporation (MDC) at the MIPIM property conference in Cannes, France, this morning (11th March).
Rotherham explained to potential investors how the MDC aims to inspire ‘one of the UK’s most dramatic renaissance stories of the 21st century’.
If approved, the corporation would oversee the regeneration of 174 hectares of largely brownfield land, turning the docklands into a major extension of Liverpool city centre.
Plans for the area include up to five million square feet of commercial space and around 17,700 homes.
A statutory six-week public consultation on the proposal is expected to launch this summer, led by the Liverpool City Region Combined Authority and Liverpool City Council. The plans build on recent investment in the area, including Everton F.C.’s new Hill Dickinson Stadium at Liverpool Waters.
Other schemes expected to form part of the regeneration zone include the £1bn Kings neighbourhood by Beetham Davos, redevelopment of the historic Stanley Dock warehouse and an expansion of Liverpool’s cruise liner terminal by Global Port Holdings.
The wider masterplan for the area is being developed with Homes England and aims to improve connections between the docklands and the city centre.
During the conference on Tuesday (10th March), the Combined Authority also announced it was establishing a £2bn investment fund to fast-track development projects.
Rotheram said: ‘This MDC has the potential to inspire one of the UK’s most dramatic renaissance stories of the century, so I’m delighted to say our foot is firmly on the pedal to make this happen.
‘For far too long, vast swathes of the city’s historic docklands have been left to rot and the impact on North Liverpool and the communities surrounding it is clear to see.”
He added: ‘Momentum and confidence in the private sector is building and this MDC is the perfect body to capture that and provide the tools to accelerate it.’
Cllr Liam Robinson, leader of Liverpool City Council, said the announcement marks a ‘hugely important moment for the future of Liverpool’s North Docks and our wider city.’
‘Working with the Liverpool City Region Combined Authority, the proposed MDC gives us a powerful opportunity to accelerate regeneration on a scale that simply hasn’t been possible before,’ he continued.
The completed business will be submitted to the UK government for approval and, if agreed, the development corporation could be formally established this autumn.
Image: Liverpool Combined Authority
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