Stevenage Central Regeneration 23 rd May 2018 About Stevenage A - PowerPoint PPT Presentation

Stevenage Central Regeneration 23 rd May 2018

About Stevenage • A town of 85,000 – and a town with heart • 20 mins from London • A hub for major businesses and a centre for growth

Major business and infrastructure

Regeneration led by Stevenage First Stevenage Borough Council Local Chamber Enterprise of Commerce Partnership Hertfordshire Homes County England Council

A framework for Stevenage Central • Six regeneration opportunity areas over 25 years • 3,600 new homes • Enhanced leisure, theatre, culture, public realm, transport • New public services hub • A great place to live • New employment opportunities

Regeneration is happening

How LEP funding has already helped

SG1 Overview • 6 hectares • £350m development • New homes • New retail, including F&B quarter • Modern public realm 21 st century library, • health services, registry office • Working with commercial advisors to maximise outputs

SG1 Masterplan

Scheme highlights – Boulevard & Hub

Scheme highlights – Hub

Objectives of Stevenage GD1 Drive forward regeneration of SG1 • Speed up delivery of SG1 by carrying out land assembly • Undertaking thorough assessments of site area to de-risk delivery of site • Increase attractiveness of scheme by carrying out early public realm interventions Prepare future development sites • Design development of leisure and theatre site in order to bring forwards next phase of Stevenage Central

What GD1 has been spent • SG1 technical studies - £290,658 • Airbus STEM centre - £1,039,000 • Site assembly - £1,178,794 • Public realm - £404,509.48

Maximising impact of GD1 SBC conducted wider profiling of all Growth Deal funding, following in principle allocation of GD3 funding in February 2017. 2017/18 and 2018/19 profiling was based upon estimates ahead of SBC completing the procurement of a partner for the SG1 scheme. Since appointing Mace (February 2018) we have updated the expected phasing of SG1 and develop delivery plans based on this. We have been in conversation with the LEP over the best use of GD1 allocation to ensure that it is aligned with the current programme, highlighting risk areas and alternatives – particularly during 2018/2019. We are now working through a development agreement with Mace with the aim of having this completed and a planning application submitted by the end of the year.

Current GD1 profile • Objective - Drive forward regeneration of SG1 Project 18/19 19/20 Project Name Number forecast forecast Stevenage SG1 Land Assembly - Paddy Power LEP0107 - Swingate House & Plaza VP £3,400,000 £2,600,000 & LEP0107A - Garages - Mecca LEP0108 Stevenage SG1 Public Realm £1,470,000 £1,500,000 • Objective – Prepare future development sites Project 18/19 19/20 Project Name Number forecast forecast LEP0109 Stevenage Leisure Relocation £700,000 £600,000

GD1 spend risks Acquisition • Offers have been made to private land owners to secure early vacant possession. Negotiations are ongoing. • Risk that if negotiations do not reach suitable conclusion within timeframe, further steps would need to be taken post-Planning submission. This could include CPO and could delay GD1 spend beyond current timeframe. • Plan B is to opt for alternative site assembly options within SG1 red line to enable timely expenditure. Leisure / theatre • Assessments of functional requirements have been completed by SBC match funding. Feasibility work is now completed leisure and is underway for theatre, to inform decisions on delivery options with expectation that delivery could be achievable in 2019/2020. Public realm • Early delivery of one scheme in place in 2018/19. SBC and Mace are working on an option to deliver public realm schemes, subject to agreement of DA to enable wider scheme to deliver in 2019/20.

GD1 spend risk mitigation options • SBC has increased capacity of the regeneration team, supporting teams (planning, estates), external property and legal advice (Burges Salmon and Cushman & Wakefield) • We have made proposals to move some spend into 2019/2020 to reflect the revised SG1 programme • If we experience delay in delivering agreed sites, we would pursue alternative site acquisitions in SG1 area, which would also match Mace phasing requirements. This could include other public sector land options and we propose indicating these as alternative back up sites, linked to agreed review points for the acquisition workstream • A further option could be to forward fund other infrastructure elements of SG1 development eg site prep and demolition in line with objectives for use of GD1.

Current GD3 summary • Approved GD3 funding Feb 17 (subject to new governance) • Bus interchange - £8m • Land assembly • Magistrates court - £3m • Parking deck - £2m • Marshgate - £5m • Highway infrastructure improvements- £1m • SBC spending £200k in 2018/19 at own risk to progress the scheme ahead of GD3 funding