Neptune Developments has unveiled a new £45m plan for an apartment-led, mixed-use project in the Baltic Triangle development area in Liverpool, UK after the original plan failed to take off.
London-based Windsor Developments began to work on the site in 2006 but the regeneration scheme was halted after the developer went into liquidation and the site has remained unused ever since.
As part of the new plan, Neptune intends to develop four buildings, of which two will be located at the back of the site and comprise a nine-storey tower for serviced apartments, and a six-storey building for long-term rentals.
The third and fourth buildings are expected to include a 170-bed four star hotel and a building that could contain a hospital, casino or offices.
Neptune managing director Steve Parry said: "This is a key site in the heart of Liverpool and its proximity to the Liverpool Echo Arena and Conference Centre, Liverpool One, and of course our Mann Island scheme, make it a very attractive proposition."
"We are working closely with the city council and with local residents to ensure that our proposals are absolutely right for the area and we look forward to turning what is currently an eyesore into the final piece of the jigsaw for this vibrant area of Liverpool," Parry said.
The plan also includes a pavement cafe and other planting and landscaping work, as well as the completion of an underground car parking facility to create 330 spaces.
The new scheme has been designed by UK-based architects Falconer Chester Hall, while Balfour Beatty will be the contractor.
Neptune has signed an agreement with Dublin-based Stay City to take the serviced apartments and another agreement with Plus Dane Group to buy the building with long-term flats.
The company is currently negotiating with an operator for the hotel, with plans underway to commence work on the building and the two residential blocks at the same time.
Neptune is also entering into a joint venture with Barclays, which as the main creditor to Windsor’s scheme is owed £25.5m.