The English Cities Fund has been officially announced as the development partner for the £2.5 billion Salford Crescent masterplan.
The fund – a strategic joint venture between urban regenerators Muse Developments, Legal & General and Homes England – will lead on the creation of a new 240-acre city district in Salford over the next 10 to 15 years.
Salford City Mayor Paul Dennett said:
“Congratulations go to The English Cities Fund for being selected as the development partner for the Salford Crescent Masterplan.
“It is a very exciting opportunity to move our vision forward and create a new city district that is fit for generations in this city. A thank you goes to all those who made the shortlist and took part in the process. It was a very strong field.
“Salford is a city of firsts and is always looking to the future. We were at the beating heart of the industrial revolution and had the first free public park and first gas lit street, which are both in the area that the masterplan covers. The development will continue that vision.
“It is a very difficult time at the moment with the coronavirus pandemic and we are doing all we can at the council to help the most vulnerable, protect the NHS and save lives. But we have staff working at home who continue to work on moving the masterplan forward and we will have an official launch event at a more suitable time”.
The masterplan aims to create an inviting, attractive place, which generates wealth, jobs and knowledge that will benefit the wider Salford economy. It has the potential to create 3,000 new homes and one million square feet of commercial and innovation space for health automation and robotics, as well as one million square feet of education floor space, for the University of Salford.
The fund is currently delivering the neighbouring Salford Central masterplan. Following its expansion in 2018, it continues to take on large, complex sites to create inspiring new places.
Phil Mayall, regional director at The English Cities Fund, said: “It’s an exciting and proud moment for everyone at the fund, as we hear the news that we’ve been selected to deliver the transformational Salford Crescent masterplan.
“Our relationship with the council is strong, following the success of what we’re delivering together at Salford Central, and we’re very much looking forward to forging a similar bond with the university as the scheme progresses. “Salford is home for us. We’re based here and we’re part of the changing cityscape. The city is steeped in history, but also shares our progressive vision for the future, and we’re delighted to be continuing to create innovative spaces and places that benefit communities”.
The announcement was made after Salford City Council and the University of Salford launched the search for a private sector partner at MIPIM in spring 2019.