Work could start before the end of 2019 on an 11-storey skyscraper containing a hotel, shops and leisure outlets and a block of 58 apartments on Plymouth’s waterfront.
Plymouth City Council has bought the lease, for an undisclosed sum, on land at East Quay, Millbay, currently used as a temporary car park.
The idea is to jump-start development of a planned tower, part of the wider redevelopment of the Millbay docks area, which would see an 11-floor apartment block constructed next to a seven-storey hotel.
The overall development would also include about eight shops or restaurants, possibly set in a series of pitched-roofed spaces next to the waterfront.
There is also planning permission for 60 underground parking spaces and about eight shops or restaurants.
Plymouth City Council said work on the ambitious scheme could start before Christmas 2019, in what is known as Plot C1 near Millbay Road.
The delegated decision has approved the business case to acquire the leasehold interest in the property, off Brunel Way, as well as a commitment to enter into a forward funding agreement.
Replacement parking will be provided as part of the proposals while construction is under way.
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The cash figure paid by the council is confidential, as it is commercially sensitive, but it will enable the mixed-use commercial development to get under way at the site, the authority said.
As well as continuing the transformation of Millbay, the scheme is expected to create 100 job opportunities in the hotel and leisure sector plus in the construction period.
In February 2018, English Cities Fund (Ecf) – a joint venture between Muse Developments, Legal and General and the Homes and Communities Agency (HCA) – submitted its plans for the East Quay site.
ECf is masterplanning the evolution of Millbay, an area once blighted by dereliction and prostitution, into a chic waterfront area, and create an important link in the long-heralded “boulevard” connecting to the city centre.
Up to 300 homes could be lining the new look boulevard, soon, together with shops and offices. During the past few years the council has been acquiring properties in and around Bath Street, Martin Street and Colin Campbell Court to enable regeneration to progress.
Work currently taking place includes drilling wells beneath Bath Street to supply future developments with heated water. The street is also being widened and a sustainable drainage system installed.
Meanwhile work is well under way elsewhere in the Millbay regeneration site to build 137 homes on the eastern side of the dock.
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Quadrant Wharf is a development of two six-storey blocks of flats and a row of a la mode town houses at West Hoe.
The new phase sits next to Quadrant Quay, the 102-home block built by Kier for ECF and completed in 2015, and will look similar yet different enough to be distinct, particularly as some of it will be a “rustic bronze colour”.
Neighbouring East Quay, a multi-million pound block of retirement flats is on course for completion in 2020 bringing 150 jobs to the city.
The charitable Abbeyfield Society has celebrated the “topping out” of Mayflower Court, an 80-apartment development opposite the Millbay quayside – and it will also include a cinema, bar and even roof-top garden.
Since 2006 the Millbay area has seen creation of blocks of quality homes overlooking the docks, a new school, and shops and restaurants are opening up.
Cllr Evans said the latest move is positive for the city and added: “This is another key part of the Millbay jigsaw. What was once redundant dockland - and not a great first impression of the city - is changing beyond all recognition and is something we are really proud of.
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“This plot forms the waterfront end of the boulevard that we have been working to create. This is going to be the destination point for people wanting to enjoy another impressive waterfront in Britain’s Ocean City.
“I know people will ask why would the council get involved - it’s simple. We’re investing in this project to get this scheme off the ground.
“Under the agreement we will receive a healthy rental income from the hotel and retail units, which will help us to provide services to our residents.”