Stockport Council and Muse Developments have signed and sealed a Development Agreement, marking an important milestone in the development of a high-specification office quarter, next to the train station in the town center.
The Council bought the site - known as Grand Central - last year.
The Council bought the site - known as Grand Central - last year to bring forward the office-led development, including hotel and improved car parking, as well as an attractive new gateway to the town center. National development and regeneration specialist Muse Developments was appointed by the Council as development partner to deliver the project.
Phase One consists of a new 1,000 space multi-story car park and a range of highway improvements, due to be completed at the beginning of 2014. The new car park will meet increasing demand for parking next to the railway station and encourage more people to take the train. A temporary parking solution for commuters will be provided during its construction.
Phase Two has been master planned to deliver the first commercial office building, new public space, a hotel and highway improvements by 2015. Phase Three will include further office buildings, extension of the open space and further improved accessibility for pedestrians, and will be delivered on a phased basis up to 2020.
Councilor Iain Roberts, executive member for economic development and regeneration at Stockport Council, said: "The signing of the Development Agreement confirms both parties' commitment to delivering a cutting-edge new office quarter and commuter destination for Stockport. It is a crucial part of our overall vision for the town center - attracting jobs, investment and footfall. We've worked hard to make sure that it's self-financing and at no extra cost to the Council-tax payer."
Matt Crompton, joint managing director of Muse Developments said: "Today marks an important milestone in the transformation of this key gateway to Stockport town center. We can now look forward to working with our partners at the Council to build on Stockport's commercial appeal to deliver this stunning new office quarter."
Source: Muse Developments