Regeneration specialist St Modwen has signed a development agreement with the Homes and Communities Agency (HCA) to begin the first phase of a £400m ($631.44m) mixed-use scheme near Weston-super-Mare in the UK.
The new Locking Parklands will be located on a 809,371m² former RAF Locking site and will feature 1,500 homes and 41,806m&178; of business space.
In the first phase of the scheme, 100 homes will be developed at the site, to be delivered by mid 2013.
The scheme will also feature 557m² of office space, as well as serviced plots for the future development of a 1,300m² office building and a 2,787m² innovation centre.
The HCA has invested around £2.5m ($3.94m) in the first phase of development, taking the total level of its investment in Locking Parklands to more than £12.2m ($19.25m) since 2002.