Liverpool City Council signs Development Agreement with Grosvenor

Liverpool City Council and Grosvenor sign a Development Agreement for the PSDA Project.

The Agreement formally binds the Council and Grosvenor to do what is necessary to assemble ownership of most of the Paradise Street Development Area and also to reach agreement with anchor tenants for the proposed development.

Once these objectives are achieved, the Council will be able to allow Grosvenor to occupy the PSDA. The target date for this is the middle of 2004.  If this target is met then at least part of the development could be open during 2007 - the year of Liverpool’s 800th Anniversary.  It is anticipated that the whole development would then be open for the Year of Culture in 2008.

“The event that is being celebrated today is a significant landmark in this very important public/private endeavour.  PSDA will bring huge benefits to the City Centre community, to the City as a whole and to Merseyside in general – jobs, houses, more business, more choices and opportunities for everyone, more visitors and a cleaner, safer, more pleasant and more exciting environment,” said Stephen Musgrave, Grosvenor’s Chief Executive.

Councillor Mike Storey, Leader of Liverpool City Council, added, “This is a really important day for Liverpool.  This is the most exciting regeneration development currently taking place in the country.  It will transform the city centre and is key to Liverpool’s remarkable renaissance.  The partnership approach is delivering unsurpassed benefits to the city and its people.”

Grosvenor has delivered an approved masterplan that breaks new ground in urban design and creates opportunities for over 20 world class buildings and public spaces.  Some buildings have already been designed - by a team of acclaimed designers – young architects, local architects and nationally and internationally famous architects.

“For a project of this size, achieving planning approval and a development agreement in less than three years breaks all record,” said Rod Holmes, Project Director for Grosvenor.

Landowners and occupiers are currently being offered the opportunity to negotiate the sale of their property, or to relocate, or to participate in the project.  Meanwhile, major retailers and other occupiers are being offered the opportunity to secure space in the enlarged commercial heart of the new Liverpool.

Subject to good progress on these initiatives, the PSDA project will continue to move forward very quickly, with additional architects being appointed for more buildings during the next few months and with further public workshops and exhibitions. Contact information for this Press Release

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