The plans for a mixed-use scheme comprising offices, shops and bars in Sheffield, UK, has been revived after regeneration firm Urbo volunteered to take up the stalled project.
Urbo has requested that Sheffield Council and PriceWaterhouseCoopers transfer the development agreement, which was signed by Castlemore Securities, to prepare the plans for the mixed-use development in the West Bar area of Sheffield.
The £400m project plan includes offices, shops, a hotel and bars and restaurants, and was originally planned to be developed by Castlemore Securities.
Castlemore Securities went into administration in early 2009, following the effects of economic downturn stalling the project.
The project is expected to take ten to 15 years to complete, expanding the city centre northwards.
The agreement transfer will allow Urbo to restart the process of delivering one of the city’s key regeneration projects.