海角视频 financial services company Legal & General has agreed to invest £350m into Bristol’s Temple Island regeneration project.
The company said the funding would be used to turn the huge disused plot of land next to the city centre train station into a “vibrant new urban quarter".
According to the asset management firm, the scheme will support the city’s plans to rebuild after the pandemic and will create 2,000 jobs.
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In January, Legal & General announced plans for a mixed-use development of 500 homes, two office blocks, a 350-room hotel and a conference centre on the land.
The update shared today suggests that it has slightly increased the housing element, and slightly decreased hotel capacity. The plans now include:
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A large capacity conference centre and exhibition space
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A 345-room hotel
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550 new homes, including 220 affordable ones
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Two "major Grade A" office buildings
The scheme will be heated by Bristol City Council's District Heating Scheme and the buildings will target a sustainability accreditation BREEAM.
Legal & General said the Temple Island project would “complement” the wider Temple Quarter partnership, which includes Bristol City Council, the University of Bristol and Network Rail.
Nigel Wilson, chief executive of Legal & General, said: “Our vision for the Temple Island will deliver a much-needed new quarter in Bristol.
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“The conference centre will attract delegates from around the world, whilst the offices and affordable homes will meet an urgent local need and support new ways of living, post-pandemic.
"We have been attracted by Bristol City Council’s commitment to become a 'city for all' aligning with our ambitions to level up across 海角视频 regions and cities, using the power of pensions.
"Alongside, we firmly believe this development offers a perfect complement to Bristol University’s new Innovation Campus, providing space to incubate new talent and start up companies coming out of the university."
Marvin Rees, mayor of Bristol, said the investment would deliver a “much needed” boost to jobs and economic growth in Bristol as it recovered from the pandemic.
“The development in Temple Quarter will deliver affordable homes that will play a significant role in bringing people and families to the city centre, within easy active-travel access to jobs and leisure," he said.
“This development is a step forward in our commitment to stretching targets on affordable homes as well as a balanced response to the linked and fundamental challenges of housing, jobs and climate."
Following the agreement of terms, Legal & General will be launching the first phase of its public consultation on the plans for Temple Island.
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It said further details about the initial phase of public consultation would be released over the summer.
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The Temple Island scheme is part of the Bristol Temple Quarter Enterprise Zone regeneration plans, which will see the redevelopment of land around the city centre station over the coming years.
Plans to transform the Temple Quarter Enterprise Zone, and the industrial inner suburb of St Philip’s Marsh, are expected to bring £1.6bn to the city's economy each year.
The plans centre around the refurbishment of Temple Meads station, and include multiple mixed-use developments including at Temple Gate and Temple Island, and the University of Bristol’s