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The Council is set to approve the long lease of land at Parkside, Paradise Street so new private residential accommodation can be built.
The lease will be approved on the 3 June 2020 at the Cabinet Member for Jobs and Regeneration's briefing session.
Following an extensive review of the Council’s property holdings by the Council’s Property Services Team, the land at Parkside, Paradise Street was identified for regeneration.
As a result, the Council sought expressions of interest and development proposals from developers who were interested in developing Private Residential accommodation on the site.
In order to maximise the developmental potential of the site at Parkside, the neighbouring Newgate Court Industrial Estate was also identified for regeneration. The estate is currently home to eight small industrial units which are currently occupied by businesses. As a precondition of any proposal, the Council insisted that the units and businesses that occupy them be relocated to new facilities within the wider site.
The Council received three tenders from shortlisted developers, of which one was accepted. The accepted bid proposes to deliver 494 private, residential dwellings, 25% of these will be affordable housing.
Cllr Jim O’Boyle, Cabinet Member for Jobs and Regeneration, said: “As a Council, our aim is always to do what we can to make Coventry a great place to live and work. One of the ways we do that, is by working with developers to ensure there is a diverse selection of housing available in the city centre.
“That’s why I’m so pleased with these plans. Having modern, affordable housing in the heart of the city, is hugely important for the future of this city.
“As always, my hope is that the developers will look to local people to undertake some of the work. So, we can have this development benefit local people both now and in the future.”