- Plans include 4,000 new homes
- Investment set to add £1.4bn GVA to the local economy
- First major investment commitment by a local area to leverage the benefits of HS2
Almost £1 billion of investment is being committed to redevelop 141 hectares of land around the planned HS2 station.
Led by the Greater Birmingham & Solihull LEP (GBSLEP) and Birmingham City Council, the 30-year strategy can create 36,000 jobs, 4,000 new homes, unlock 600,000 m² of commercial floor space and connecting the east side of Birmingham to the rest of the city.
It is the first major financial commitment by any local area in the country to use HS2’s arrival as a catalyst for regeneration and can potentially add £1.4 billion to the local economy.
Prime Minister Theresa May said:
“I’m delighted that Greater Birmingham is making this investment in the future, working to maximise the potential of HS2 by investing in jobs and housing – and encouraging more business investment.
“It was in Birmingham where I outlined my plan to build an economy that works for all, with a proper industrial strategy that delivers prosperity, job creation and higher wages across the country, not just in London. That’s what the Curzon Investment Plan aims to do in Greater Birmingham, and my Government is right behind them.”
Plans include the development of Curzon Street Station, several new neighbourhoods, offices and retail spaces as well as the creation of a promenade and public square – which will incorporate the original Curzon Station, a Grade I listed building.
In total £907 million is being allocated to a variety of projects, and is made up of £586.8 million from the GBSLEP, which draws funds from business rates within the Enterprise Zone and £137.2 million from the newly formed devolved government, West Midlands Combined Authority.
A further £183.3 million towards the cost of delivering Metro extension projects, connecting the east side of the city to central Birmingham and out to Birmingham International Airport and Solihull, where another HS2 station, an interchange, is planned.
Councillor John Clancy, Leader of Birmingham City Council, added:
“It is an unprecedented time for Birmingham and the wider region. By working with partners from across the region, we have fuelled an economic renaissance with significant inward investment and the implementation of major infrastructure schemes.
“HS2 is a unique opportunity that we must capitalise on now. Birmingham is at the heart of the HS2 network and the Curzon Investment Plan shows how we intend to use this position to create sustained economic growth and a legacy of new homes, jobs and neighbourhoods for our city.”
The regeneration and investment in infrastructure that the plan will deliver is also set to benefit other city centre projects including the Snow Hill Masterplan, new retail space Birmingham Smithfield, mixed-use development Southern Gateway and a new cultural quarter called the ‘Knowledge Hub.