Revised proposals for gateway site come forward

Revised proposals to redevelop a key gateway site in Leeds city centre are set to take a step forward next week.A report on the regeneration of the George Street area, between Kirkgate Market and the Victoria Gate development, will be considered by Leeds City Council’s executive at a meeting on 21 September 2022.Town Centre Securities (TCS) was previously named by the council as the development company for the project in 2017. The council and TCS were set to form a partnership, with the council acquiring a 50 per cent ownership of the completed development.TCS has confirmed its interest in working with the council to bring forward the redevelopment of George Street, but has advised that it no longer wishes to form a joint venture as the original proposal is no longer considered deliverable.The executive is now being asked to approve a revised, post pandemic delivery-structure for the regeneration of George Street.The council is now set to take on the role of developer of a 143-bed hotel over ground floor commercial units and a proposed council-operated leisure and wellbeing facility. TCS would act as the council’s development manager on the project.If executive board is minded to support the revised structure, the report seeks approval for an injection of £9.26m into the capital programme, as well as approval of the heads of terms that have been provisionally agreed with a hotel operator.The report said: “George Street is currently vacant and ready to be regenerated. As vacant retail units, their condition is impacting on the footfall into the market and the ability of the Market Service to attract new business and, as such, action is required to bring forward its regeneration. In addition, the site is integral to the market, therefore its sale is not preferred.”Against this background, it is considered appropriate for the council to take the lead developer role as, it is the most appropriate body to manage the critical physical and business interface between the proposed development and the market and, is in a position to bring forward the development without further delay.”Having regard to the post pandemic property market which remains risk averse, there is no guarantee that any other delivery structure would bring forward a scheme that would complement and enhance the market in an acceptable timescale.”The proposed development incorporating a hotel and gym, whilst attracting additional footfall to the market will also attract different types of businesses that have a synergy to such uses and, has the potential to bring a younger audience to the market throughout the day.”