Newcastle City Council has picked a joint venture between PfP Capital and igloo Regeneration to develop its £200m Stephenson Quarter scheme.
PfPigloo has been chosen to develop the 4.3-acre brownfield site, which will deliver a mixed-use scheme across six plots including new homes, office space, leisure and public realm space.
The jv will contribute an equal share of capital investment to bring the development forward. The council has the option to invest capital in plots, should it wish to do so.
Around £104m will be invested into developing the six plots of council-owned land over a seven-year period.
Clouston Group has already delivered phase one of the scheme, including the 35,000 sq ft Rocket office building, a Crowne Plaza hotel, a 360-space multi-storey car park and the Grade II*-listed Boiler Shop events space.
Cabinet member for employment and culture, councillor Ged Bell, said: “We must do everything to kickstart economic activity in the wake of Covid-19 if the city is to bounce back, so the announcement of PfPigloo as our development partner is incredibly important.”
Knight Frank advised the City Council on the hunt for a developer.
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