Sheffield city council has drawn up a £480m plan to revive its major city centre retail project, after Hammerson pulled out in 2013.
The new masterplan includes 700,000 sq ft of shops, aimed at addressing the city’s lack of mid-market catering and fashion outlets, and 200,000 sq ft of residential and office space.
The council hopes to appoint a new partner this year, with a view to completing the bulk of the project by 2019 and with full completion by 2021.
The city hopes the project – which would be part-funded by tax increment financing – will recapture the £90m spent annually in rival regions.
It faces opposition from the local Sheffield Retail Development Group, which claims it can deliver a £500m rival project over 650,000 sq ft by 2018.
The original 860,000 sq ft Sevenstone project had been on hold since 2008.
Harper Dennis Hobbs and Lunson Mitchenall are advising the city council.
