Shopping centre giant Hammerson has submitted formal plans to turn a closed Debenhams store at its Leicester site into flats.
And it said construction, pending planning permission, would support 800 jobs on site and in the supply chain.
Hammerson is working with private-rented-sector (PRS) specialist Packaged Living to transform the former department store in the city’s Highcross into around 300 new homes.
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There will also be new shop units on the mall facing side of the block, as well as a roof garden and a new entrance in East Bond Street as well as public areas.
The closure of the department store is a big loss for the city.
Department store chain John Lewis will announce shortly what it plans to do with its flagship Highcross shop, along with its other stores.
John Lewis, which also owns upmarket grocery chain Waitrose, said it does not expect all its John Lewis shops to reopen at the end of lockdown but that closures and job losses could have been more severe without Government business rates relief.
Last week the company confirmed that its partners would not receive an annual bonus for the first time in 68 years, after announcing to a £517 million pre-tax loss for the year to January 30 against profits of £146 million the previous year.
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A couple of years ago a House of Fraser outlet store in Highcross closed as did a Fenwick department store across the city – with management there blaming changing shopping habits and competition from Highcross.
The apartments plans would fit in with a trend towards PRS schemes aimed at people such as graduates, couples and young executives looking for easy city centre living.
A 300-apartment, £50 million complex opposite Highcross, called the Wullcomb, opened 18 months ago.
Packaged Living has experience in PRS having worked on schemes including Suffolk House, in Cardiff, The Castings, Manchester, Quayside 12, in Newcastle and Aubrey Place, in Milton Keynes.
It has developed and operates more than 2,000 homes since its launch in 2018, and will act as development manager, providing investment for the plans.
The planning application, designed by build-to-rent specialists CRTKL, follows a virtual public consultation at the end of last year.
Mark Bourgeois, Hammerson’s managing director for the 海角视频 and Ireland, said: “We’d like to thank everyone who took the time to respond to our consultation.
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“Local feedback has helped to shape the plans and we are delighted to submit this finalised proposal for high-quality homes for local people to rent, which will support our brands at Highcross and contribute to the continued success of Leicester city centre.”
Mark Woodrow, joint managing director at Packaged Living, said: “St Peter’s Lane is the result of Hammerson and Packaged Living’s shared vision to deliver good quality rental homes within sustainable, mixed-use communities.
“We are delighted to be working with Hammerson, bringing our investment, development and operational experience in the build-to-rent sector to support the re-purposing and evolution of this excellently located asset.”
Mr Bourgeois said the project was consistent with Hammerson’s target to be net positive for carbon emissions, water, resources and socio-economic impacts by 2030.