Falkirk Council in the UK has selected Hargreaves Property Ventures as the preferred developer for the Falkirk Gateway project.
Hargreaves Property is a development partnership between Hargreaves Services and Fintry Estates.
As part of the project, Hargreaves Property will build new retail, office and leisure opportunities in an area located to the east Falkirk and next to the new Forth Valley College and Falkirk Stadium.
Falkirk Council received nine initial expressions of interest for Falkirk Gateway, and two developers submitted detailed plans for a final selection by an assessment panel.
Work related to a ‘heads of terms’ agreement and a more detailed retail impact study will also take place.
The preferred developers submitted initial plans that highlighted large-scale retail units, office and leisure areas; a hotel site; a drive-through; and food and drink units, including a concept pub/restaurant.
Falkirk Council leader Cecil Meiklejohn said: “Our plans to completely redevelop this area are making great progress and with the appointment of the developer, we are a significant step closer to creating new opportunities for the local economy and jobs.
“The creation of an ‘urban quarter’ at the Westfield/Middlefield site will transform the vacant area (lying between Falkirk and Grangemouth) and bring the 30-acre site into a location that will help promote economic growth. The capital receipts from the site will be ring-fenced to aid the revitalisation of town centres.”
With the help of the £67m Tax Incremental Finance scheme, Falkirk Council will fund road infrastructure and enable works around the Falkirk Gateway.
The scheme is expected to bring in £413m in private investments into the area and create 6,000 jobs.