Regeneration bosses behind the transformation of Walsall’s Waterfront into a vibrant canalside quarter today welcomed an £8.5 million government cash injection to kickstart the project.
The investment by the Homes and Communities Agency will allow work to start on building 158 homes which are expected to be completed by March 2011 as the first phase of the Waterfront South scheme.
The homes are being built by local developer Jessup in partnership with Accord Housing Association.
It is one of the biggest investments in the West Midlands announced in the HCA’s Kickstart programme, which was set up to unblock stalled projects hit by the economic downturn.
Walsall Regeneration Company chief executive Dr Peter Cromar hailed the significant investment as a major vote of confidence in the town’s renaissance and its ability to deliver a better future with new homes, jobs and business opportunities.
Dr Cromar said: “It is great news and a real sign that Walsall is changing for the better. These funds will enable this exciting scheme to get underway and deliver high quality accommodation on a key regeneration site between the New Art Gallery and the new Manor Hospital development.
“The vision at Waterfront is to create a new homes, business and leisure quarter, a place which will interest, for example, health professionals who want to live and work in Walsall.
“The HCA has shown tremendous confidence in Walsall and its partners in its transformation. Its backing will highlight the potential of Waterfront and encourage other investors to refocus attention on the opportunities Waterfront presents.”
WRC has played a significant ‘ringmastering’ role in bringing together developer Jessup, the HCA, and Accord.
Paul Spooner, regional director for the Homes and Communities Agency West Midlands, said: “The Kickstart funding is a real boost for Walsall and the whole of the West Midlands, and we look forward to seeing work start back on site on these key regeneration projects very soon.
“Across the West Midlands, we have so far provisionally approved £67.7m of investment to unlock the development of nearly 2,000 new homes on 27 sites. The Kickstart programme will help create better places that people want to, and can afford to live in – plus our investments will create new construction jobs and have a positive knock-on effect for local economies.”
Councillor Mike Bird, Walsall Council Leader, welcomed the announcement as a tremendous shot in the arm for Walsall. He said: "This is fantastic news. The Waterfront development is a cornerstone of our regeneration plans for the borough. This will bring new investment and create jobs."
Clive Jessup, chief executive of developer Jessup, said: “We are really excited about getting this development under way to provide quality, sustainable homes for the people of Walsall. As well as safeguarding jobs it will enable us to create 15 new jobs and five new training opportunities. We are also committed to engaging with local suppliers which will further aid the local economy.
“We have worked with Walsall Regeneration Company for a number of years and we are grateful for its support and for the backing of the HCA. We were able to put a clear case for funds and meet the criteria for the Kickstart programme.”
The news was also welcomed by Dr Chris Handy OBE, Chief Executive of the Accord Group. He said: “The Accord Group continues to play a major role in helping to regenerate Walsall and we are delighted to be involved in delivering this fantastic scheme. This is a flagship, mixed tenure, development which will create superb new, affordable homes for key workers in the town.”