Swansea council is to hold a conference over the regeneration of its city centre after Hammerson pulled out of a scheme this week.
The REIT has shelved its planned 600,000 sq ft retail and leisure scheme in a decision it said was “a mutual one” with the council.
It is the second major regeneration scheme Hammerson has pulled out of this year. In July it walked away from the £600m Sevenstone development in Sheffield. It is also the second time a developer has withdrawn from Swansea. Urban Splash quit the project in 2009.
Swansea council will soon begin a search for a new partner. A conference is planned for early 2014 along with a competition for architects and students to design a regeneration scheme with shops, housing and offices.
Swansea council cabinet member for regeneration Nick Bradley said Hammerson’s model for the city “has had to change due to the current economic climate and no longer fits with our ambitions”.
He added: “The traditional retail model is not working. The time is right for the council to work with other developers to achieve a model that works for Swansea. Our ongoing review will give us a new game plan for the city centre.”
chris.berkin@estatesgazette.com
