Urban Splash and Places for People have secured a new development loan for Sheffield’s Park Hill.
The £19.9m Lloyds loan will support phase two of the regeneration of the residential site.
In total more than £100m will be invested in the scheme.
Phase two will include 195 homes, comprising one, two and three-bedroom flats and two-bedroom townhouses, retaining the duplex and 20,000 sq ft of mixed-use commercial space.
The building alone covers an area of 17 acres. In total the whole site covers 32 acres.
Urban Splash and Places for People are targeting local independent businesses and food outlets, alongside community-focused organisations, to occupy the commercial space.
Contractors are currently on site and completion of the project due in 2021.
Phase three of Park Hill’s regeneration has also started, in which Alumno Developments is building a 356-bed student accommodation block which will be occupied September this year.
Phase four, which will deliver the new S1Artpace alongside further residential units, has recently been granted planning.
Urban Splash acquired Park Hill in 2004 with a manifesto to transform the estate.
Its construction between 1957 and 1961 marked the apex of an era of mass social housing construction in the UK.
Park Hill currently has more than 700 people living and working in 260 homes and 10 businesses.
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