£48million is on the way to Peterborough after Levelling Up Fund bid is successful.
The money will be used for the first phase of regenerating the area around Peterborough Train Station, known as Station Quarter.
Peterborough City Council and the Cambridgeshire and Peterborough Combined Authority received the official confirmation from the Department for Levelling Up, Housing and Communities, DLUHC, on January 19.
City council leader, Councillor Wayne Fitzgerald, said: “We have just achieved the funding for a once-in-a-lifetime opportunity for our city centre.”
Cllr Fitzgerald continued to say that the redevelopment the train station and surrounding land would cut carbon emissions and make Peterborough safer and easier to walk around.
While also “stimulating business and providing economic benefit to our city – both during and after construction.”
The project details a new entrance and car park to be made on the western side of the station to create a “double-sided station”; complete with a new wider footbridge over the train lines, alleviating pressure on city centre roads.
Biodiverse green areas, community spaces and better connections to the city centre are also planned for creation within the plan.
Deputy mayor of Cambridgeshire and Peterborough, Councillor Anna Smith, said: “This is fantastic news. Regenerating the Station Quarter has the power to uplift not just the city but the whole region.
“It’s a great addition to what we are going to be able to offer in the East of England and will make Peterborough itself greener and ever more welcoming to visitors, investors and businesses.”
The funding is however ring-fenced, meaning the money has been allocated to the council but is still controlled by those who supplied it, the Department for Levelling Up, Housing and Communities (DLUHC).
It also can only be spent on the Station Quarter regeneration.
The city council, among other partners, is expected to provide “match funding” to bring the total funds to around £65million.
This will enable future private investment in commercial and residential development as a further phase of the Station Quarter programme.
An outline business case and planning application will be submitted for the Peterborough Station Enhancements and Connectivity project next year. Construction work on the first phase could take place between 2024 and 2026, with wider development of the Station Quarter continuing up to 2028.
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