Plans are being unveiled for a city centre regeneration scheme that aims to create 10,000 new jobs and 1,000 homes in Sunderland City Centre.
The Riverside Sunderland Masterplan will today be unveiled by city leaders with the promise that it will be "the most exciting regeneration site in Britain".
The 33-hectare site on both sides of the River Wear has been earmarked for a series of developments, including offices for between 8,000 and 10,000 workers.
It follows a £100m investment commitment from Legal & General, as part of its combined £160m pledge to Riverside Sunderland and Hillthorn Park manufacturing site.
Key features of the masterplan includee building 1,000 sustainable homes to rent and buy; the creation of one million sq ft of modern office space; a new city centre site for a major life sciences/ healthcare facility and plans for a library and community hub called the Culture House, which is hoped will attract 600,000 visitors a year to a new site in Keel Square.
Plans also include upgrading St Mary’s Boulevard into a stylish new main street, and the construction of a new river crossing for walkers and cyclists, the transformation of Galley’s Gill into a landscape park, and new green spaces in the heart of the city.
Smart City infrastructure will also be installed, and in 2023, Riverside Sunderland will host the month-long Future Living Expo to showcase life in the area.
Sunderland City Council leader Graeme Miller said: “Riverside Sunderland will transform a part of the city that has vast potential. It’s a masterplan that will reinvigorate the city in a wider sense too – creating a place we can be proud to call the heart of Sunderland.
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“It’s a vision that we know is deliverable, and that will be truly game-changing for Sunderland. We’re aiming high because it’s what our residents deserve and it’s what the city needs – vision backed by a determination to deliver.
“Riverside Sunderland is just the beginning. Sunderland is springing back to life. We’re seeing more and more investment flooding into the city. The private sector is alive to the opportunities and that is bringing about transformation at a pace not seen for decades.
“This will be a ‘magnet city’. Aspirational families will move here. Corporates will see this as a place they want to do business – and their people will spend money in the city centre stimulating new jobs and business growth.”
The council’s plans are already under way, having started at the former Vaux Brewery site with the creation of The Beam office block.
That project is being followed by the construction of new City Hall, and the 450-seat Auditorium, part of the Fire Station arts complex. Work will start soon on the 120-room Holiday Inn in Keel Square and a planning application has been lodged for two new offices in the central business district.
Business leaders across the region have backed the masterplan.
James Ramsbotham, chief executive of the North East England Chamber of Commerce, said: “Right now, the North East of England provides huge opportunities for businesses wishing to invest, with great transport links by sea and air, road and rail to all parts of the United Kingdom and indeed around the rest of the world.
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“Sunderland in particular offers the most wonderful space in which to create a business. With new cultural venues, with improved transport links with a great sporting tradition, it offers a quality of life for all. But now, particularly with the Riverside development, the investments by Legal & General and others, providing office space living accommodation and so much more, I encourage everybody to take a fresh look at what the city of Sunderland really is capable of providing any ambitious business.”
Sharon Appleby, head of business operations at Sunderland Business Improvement District, said: “I think the news around the Riverside Sunderland masterplan is just fantastic. It’s very, very exciting news for the city. It’s brilliant to see things really taking shape on that site already, never mind the new things that are coming.”