Work has started on 300 new homes and 60,000 sq ft of Grade A office space in Leicester’s key regeneration area.
Housing developer Keepmoat Homes is working with Leicester City Council to build the new homes in the city’s Waterside area, to the west of the city just outside its inner ring road.
Brackley Property Developments are constructing the office accommodation under the deal, which will see an 18-acre brownfield site next to the Grand Union Canal and River Soar brought back to life.
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It is part of a much larger development of what was, until recently, a run-down, former industrial area.
New hotels, offices, workspaces, homes, student accommodation and entertainment venues are already open, with more to come.
Work is expected to take six years, with the first homes available next summer.
City Mayor Peter Soulsby, who has championed investment in the area, said: “The start of work on the first new homes as part of the Waterside regeneration project marks another milestone for this long-neglected part of the city.
“After several years of planning, negotiation and site preparation, our partnership with Keepmoat means that we can begin to see the transformation of this important part of the city into a thriving new neighbourhood.
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“The regeneration of the Waterside area represents a tremendous opportunity for the city’s growth and future prosperity, by creating great new places to live, space for business to flourish and much better access to our beautiful riverside.”
Shaun Fielding, regional managing director at Keepmoat Homes, said: “We are very excited to have started work on at Waterside.
“We have already received huge interest from potential homebuyers as the location alone, adjacent to Highcross but with a riverside setting is unique and highly appealing.
“We have worked collaboratively with the city’s design team to create a development of bespoke houses and apartments formed within an incredible urban layout which will be award winning, I have no doubt.
“This development means more to us than just delivering quality homes to the area.
“We are driven to make a big impact to the local community and deliver real value to real people, whether that’s through training and career opportunities or supporting local community groups and we are confident that the Waterside development will benefit not only the area, but the lives of those who choose to live there.”
The new homes are being aimed at working professionals looking for inner city living on the waterfront.
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There will also be new parks along with luxury office space and shops.
Keepmoat Homes has pledged to support local people by offering jobs and training locally through sub-contractors, work placements and educational visits to the site.