Birmingham City Council will today unveil a vast 141-hectare masterplan for the city centre fuelled by the expected development of the High Speed Two rail line.
The plan is one of the largest urban regeneration schemes ever undertaken in the UK, and the largest linked to HS2.
It includes almost 4m sq ft of office space, 1.1m sq ft of retail, 615,000 sq ft of hotel accommodation and the potential for up to 2,000 homes, including some student accommodation.
The development will link the area of Digbeth to the city centre and see a large swathe of retail space – including Martineau Galleries and the Pavillions shopping centre – completely redeveloped.
The new development will be focused around a new city centre station, Birmingham Curzon, where HS2 will terminate on its 49 minute journey from London.
The new Birmingham Curzon station will be the first new station to be built in Birmingham for more than 100 years and when complete will be the biggest building in the city, with the historic grade I listed entrance of the old Curzon Street station retained.
The project will boost the city’s economy by £1.3bn each year, council chiefs say.
Waheed Nazir, director of regeneration at Birmingham City Council, told Property Week that the council would work up a business case for the project during the next few months.
“It might be that we seek a number of joint ventures from partners to deliver different parts of the scheme,” he said. “HS2 has a budget to deliver the station, and associated infrastructure, but we are in talks with the Department for Transport, the Department for Communities and Local Government and the Treasury about further funding.”
Nazir said one option could be to extend the remit of Birmingham’s enterprise zone to make use of government funding for economic growth.
While the project partly depends on the government signing off on the new high speed rail link, much of the city centre changes are not dependent on it, he said, with elements of the project finished within this decade.
The project is one of a number of large-scale regeneration projects planned for the city centre, including the £600m scheme to transform Birmingham New Street station, and the Paradise Circus redevelopment.
An eight week consultation on the plans will start today, and the council will formally launch the project at MIPIM next month.