Bristol City Council has agreed a strategic partnership with Legal & General to develop its Temple Island site.
The five-acre site at Temple Meads has been at the centre of a protracted debate since 2003, and has long been the desired location for an arena.
However, proposals for an arena venue were dropped last year in favour of a mixed-use scheme.
L&G’s plans for redevelopment at the brownfield site include up to 500 new homes with 40% affordable provision, office space, a hotel and conference facility, associated retail provisions and new public realm.
But the council noted that “work undertaken has also demonstrated challenges associated with the delivery of a mixed-use development on the Temple Island site – especially relating to the level of land remediation previously undertaken on the site – and this may have implications for the scheme moving forwards”.
The cabinet has agreed in principle to a proposed 250-year long-leasehold disposal of the site to L&G as part of the deal. Additionally, the council will sublease an office building of up to 100,000 sq ft with a provision to pay rent to L&G for a 40-year term.
Both parties will now seek to discuss and refine the proposals, progress design development and determine enabling works packages and costs before making a commitment to the partnership deal.
Pete Gladwell, head of public sector partnerships at L&G, told EG: “We look forward to creating a fantastic place on Temple Island that really serves the needs of the city. This is a great step forward on that journey.”
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