The Council successfully secured one of the largest funding awards in the country and - although the offer in principle is less than the original bid - is confident it can adjust its plans accordingly and deliver impactful schemes to help fulfil its ambitious city centre vision.
A revised business case must now be submitted by February 26 and contractors will then be appointed to carry out major works that focus on 38 acres covering Victoria Street, Bell Street, Cleveland Street, Fold Street and public realm around the Civic Halls and Westside developments.
The area’s fortunes have suffered in recent years and the new investment in public realm and events space will address this, helping to boost the evening economy as the city looks to relight following the impact of the coronavirus pandemic.
It is envisaged the works will unlock a wider package of investment, creating hundreds of new jobs, the opportunity to deliver hundreds of new city centre homes, a hotel, event zone and green public space improvements.
Leader of the Council, Councillor Ian Brookfield, said: “This will be transformational for our city centre and will form a key part of Wolverhampton’s recovery plan following the impact of the coronavirus pandemic.
“Confidence to invest in the City of Wolverhampton remains high and we are working with a wide range of key partners and stakeholders to continue to stimulate and accelerate growth.
“The Future High Streets Fund money gives us a fantastic opportunity to build on this work and, most importantly deliver real, tangible benefits for businesses, residents and visitors to our city centre.”
The Future High Street Fund works will also complement other transformational development schemes already underway or in the pipeline in the city, including the £150 million city centre Interchange, thousands of new city centre homes at Brewers Yard and Canalside, and the Westside development.