A major residential project in Birmingham city centre has been boosted by £5 million in funding.
West Midlands Combined Authority has invested the capital into the £280 million Stone Yard scheme where Birmingham developer Court Collaboration has consent to build 995 apartments on the former Bull Ring Trading Estate in Digbeth.
The complex will be built across seven blocks of differing heights up to 32 storeys with all units available to rent only.
There will be a 20 per cent provision of affordable housing, based on the combined authority’s definition linked to local wages rather than property prices, alongside 30,000 sq ft of commercial space for uses such as a gym, cinema and co-working space.
The combined authority’s contribution will pay for the clean-up of the land at the corner of Alcester Street and High Street Deritend which has stood vacant in recent years but also once housed a Peugeot showroom.
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West Midlands Mayor Andy Street said: “It really is brilliant news that another 995 homes on brownfield land are to be built in the region, creating more local jobs and helping to protect precious greenbelt land.
“I am particularly pleased that this development is in Digbeth which is undergoing a radical transformation.”
Court Collaboration chief executive Anthony McCourt added: “We’re delighted to have secured this investment from the combined authority and look forward to starting on site in the coming months.
“The Stone Yard is one of several fantastic developments coming forward in the heart of Birmingham and we’re immensely proud to be at the forefront of ambitious, innovative and thoroughly modern development in our beloved city.”
The project is expected to be completed by 2026.