Mace Group and Stevenage Borough Council in the UK have formally signed a partnership agreement for Stevenage town centre regeneration project, known as SG1.
SG1 is said to be one of the largest and ambitious mixed-use regeneration projects in the region with a gross development value of £350m.
The council’s vision is to create an entirely new section of five distinct character zones on the town centre’s western side.
The scheme covers plans to develop a series of new streets within Stevenage and a redesigned modern town square.
It will also include a new residential area, retail, restaurant and leisure areas for residents.
The project will also a new library and health centre, providing residents with easy access to high-quality services in a single location.
Stevenage Borough Council leader councillor Sharon Taylor said: “This is an exciting time for Stevenage and the future of our town centre. Signing this deal with Mace highlights our ambitions to grow our town and improve the services and amenities we currently offer to residents.
“We’ve seen a number of smaller projects already completed in our town centre as part of the regeneration programme, including Market Place, Vista Tower and more, but SG1 will be one of the critical elements in driving significant, positive changes to our Town Centre. We’re delighted to have Mace on board and can’t wait for development to get underway.”
A comprehensive consultation is expected to be launched this summer.
Project construction is expected to take place over different phases, with initial work to begin in 2020.