When and how?
Who is paying for it?
The costs of delivering the scheme will be met jointly between Muse Developments and South Tyneside Council who have allocated money in the Medium Term Financial Plan. Nexus will be meeting some costs associated with the integrated Transport Interchange.
Can the Council afford it and will it happen?
Yes. The Council’s investment in South Shields 365 has been programmed into the Medium Term Financial Plan as a regeneration priority. The allocation of the money has been agreed by the Council’s Cabinet. The Council is only one party bringing investment to the Town Centre, Muse Developments and Nexus have also committed significant sums.
The expectation is that this investment by the Council and its partners will act as a catalyst for further growth, creating jobs and opportunities for local people. It is anticipated that a growth in the local economy and confidence in the future of the town will attract sustained private sector investment.
When will it all happen?
This is a long-term project. Construction on Phase One is already underway and within the next five to seven years, considerable redevelopment of the Town Centre will have been completed. This will include the development of The Word, the National Centre for the Written Word, an improved public realm, a remodelled Market Place, a new integrated Transport Interchange and a redeveloped retail and leisure offer including a cinema.
Who is the Council’s developer?
Following a procurement exercise the Council selected Muse Developments Ltd in July 2013 as its development partner. Muse Developments have considerable experience in complex regeneration projects and bring a specialist, commercial team to the project. Recent projects Muse Developments have been involved in include schemes in Leeds, Manchester, London and Stockton.