The ambitious £146 million proposals, which have come in for heavy criticism from the city's Liberal Democrat party, have been given a major boost following a deal between the council, the developer and regeneration agency English Partnerships (EP).
Masterminded by Studio Egret West and Hawkins/Brown, the scheme has also landed £9.85 million from the Housing Corporation towards the cost of the affordable housing for rent in the development.
The developers hope the announcement will silence the critics of the scheme, in particular a group of local councillors, keen to see the infamous 'streets in the sky' flattened rather than refurbished (AJplus 01.03.06).
US chief Tom Bloxham said: 'We are very pleased to have signed the development agreement.
'We love Park Hill. And this is a significant step on the long journey towards delivering this great regeneration project.'
He added: 'We hope we can make Park Hill a place Sheffield can be proud of.'
A detailed planning application is expected to be submitted in the summer.