Derby has secured a £10 million cash boost to create more homes in the city along with commercial space that could accommodate 1,000 jobs.
As part of the Government’s initiative to protect homes and businesses from flooding, Derby is to receive the cash for its Our City, Our River (OCOR) project.
The funding will go towards the creation of a new riverside park on the east side of the River Derwent around Stuart Street, Phoenix Street, and Exeter Place, creating a new area of the city called Derby Riverside.
The OCOR project, which is being led by Derby City Council, aims to put in measures to alleviate the risk of flooding in Derby city centre.
At the same time, it also wants to regenerate areas near the river, creating new homes and commercial space.
Following the allocation of cash from the Government, further design work will now take place on the scheme.
After this, the land would be acquired through a Compulsory Purchase Order (CPO), if required, in order to progress with the redevelopment.
Councillor Matthew Holmes, the city council’s cabinet member for regeneration, planning and transportation, said: “We’re delighted to receive this substantial investment towards the next phase of our flood alleviation works for Derby.
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“This is brilliant news and will help to achieve the next stage in our Our City, Our River flood alleviation project, focusing on major regeneration of the east side of the River Derwent in the city centre.
The events last November highlighted the importance of the work that has already been achieved and also what needs to be as part of our Our City Our River project.
“Over 1,200 properties were protected from the flood water and protecting homes and businesses is extremely important.
“To do this, major changes will need to be made to the east of the river, opposite the Silk Mill creating regeneration opportunities in the city centre.
“Major regeneration of this part of the city will also support Derby’s Economic Recovery Plan and promote reinvestment into the heart of the city.
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“Historically, as a city, we’ve not embraced the River Derwent and have certainly not made the most of it as a natural asset.
“This proposed regeneration work will help Derby embrace and turn towards the river. I believe the proposals will change our city centre and open up new spaces and opportunities for residents, visitors and businesses.”
Work to regenerate this area has already begun with the installation of four new flood gates to Exeter Bridge and Derwent Street, as well the repaving and realigning the road of the bridge.