Sheffield City Council has agreed to stump up cash to unlock Leonard Design Architects’ £470 million Heart of the City II development
Leonard Design submitted plans back in 2015 to transform the area bounded by Barker’s Pool, Pinstone Street and Charter Row.
The evolved 140,000m2 retail, leisure, office and housing scheme is aimed at attracting business, professional and financial service jobs and investment, as well as keeping residents shopping in the Yorkshire city rather than elsewhere.
It will include two high-end hotels and new public squares.
The council will invest in instalments, and bring in other funding partners if suitable. Councillors will decide later whether to keep the rent and rates income from the scheme or sell elements on.
Councillor Mazher Iqbal said: ‘We believe that these reshaped and exciting plans position Sheffield brilliantly to deliver an individual and unique scheme that reflects the different ways in which people shop, live and socialise.
‘We are in exciting talks with major retailers but this is only part of the picture – delivering leisure, entertainment and tourism offers that complement them is what Heart of the City II is all about.
‘The scheme has evolved to deliver not just a retail quarter but a new city centre mixed-use, vibrant quarter right in the heart of our city.’
A 13,000m2 Grade A office building for bank HSBC is already on site within the development. Subject to planning, construction on the next phase of the scheme is expected to begin towards the end of this year.
Heart of the City II will see existing street patterns retained and a John Lewis store remain in its existing location on Barker’s Pool.