A £300 million ($413 million) scheme to revive a derelict Brighton, U.K., site with hundreds of homes and jobs has been signed by Brighton and Hove City Council and developer U+I.
The development will deliver more than 1,500 news jobs, 369 homes, 1,338 student beds and bring £281 million ($387 million) into Brighton and Hove’s economy over the next 10 years.
U+I’s proposals for the Preston Barracks site include 369 new homes, 534 student beds (a partnership with Scape Student Living), and a 50,000-square-foot innovation hub for start-up businesses and entrepreneurs.
“It’s a great step forward for the University of Brighton and will provide a significant amount of student accommodation that will help reduce the pressure on our housing stock,” said Warren Morgan, councilor and leader of Brighton and Hove City Council.
The mixed-use regeneration project at Preston Barracks will include new public streets and squares.
The project also promises better transport links between neighboring residential areas. It was noted the train station would help make the revived area an integral part of the city.
U+I has also finalized agreements with leading student accommodation provider Scape Student Living to build more than 500 high-quality student bedrooms on the site.
The whole regeneration is expected to be completed by 2021.
