Hull City Council’s cabinet will be asked to make a capital funding commitment to its East Bank Urban Village development, which will help to unlock around £125m of external funding for the project.
It is anticipated that a wide range of funding sources will be required to deliver the full East Bank scheme and this decision would, if approved, demonstrates the council’s continued leadership and commitment to the project.
While dialogue is still ongoing with external grant funders, including the Hull and East Yorkshire Combined Authority and Homes England, cabinet approval would provide scope for significant public and private investment of up to £125m into the city centre.
East Bank Urban Village will not only regenerate a long-term brownfield site close to the city centre and provided hundreds of new and affordable homes, but will also have a wider economic benefit for Hull’s city centre, Old Town and Fruit Market.
Phases one and two of the development will deliver a mix of town houses and apartments, totalling almost 400 properties, with phase one’s 115 properties all being affordable homes, subject to planning approval.
These phases will make a significant contribution to the council’s ambition to deliver 2,500 new homes within the city centre as part of its Local Plan and also act as a catalyst site for Hull’s City Centre Vision up to 2045.
Cllr Paul Drake-Davis, portfolio holder for economic renewal and housing at the council, said: “East Bank Urban Village is a landmark regeneration scheme in Hull that will transform the city centre and act as a catalyst for further investment and development.
“Hull City Council continues to lead the way in turning these plans into a reality, which will help to both support Hull’s economy and also provide hundreds of new homes and affordable homes for our residents.”