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Plans to redevelop Newcastle's city centre, including Robert Stephenson's famous engineering works, have been given the green light.
The £200 million project will transform the Stephenson Quarter around the Central Station and create 2,200 jobs through the construction and operational phases.
The 10-acre site will include a four-star hotel, residential apartments, commercial offices, an art gallery and exhibition space and restaurant facilities.
The work was originally due to start in 2011 but stalled after the developer, Silverlink, experiencing difficulty in securing funding during the economic downturn.
With backing from the city council and the North East Local Enterprise Partnership, Silverlink has now agreed funding deals with Aviva and Royal Bank of Scotland. Work on the project will start immediately.
Phase one will deliver the Crowne Plaza hotel and The Rocket – a multi-use building providing 35,000 sq ft of office space.
The Stephenson Quarter will be transformed into a mixed-use district, preserving the historic buildings which were the cradle of the Industrial Revolution.
The site contains significant buildings, including the offices at 20 South Street where Robert Stephenson’s engineering works produced locomotives for Britain's first railways.
David Clouston, chairman and managing director of Silverlink, said: “The commencement of this scheme signals the beginning of a new chapter in Newcastle's history. We have been working on this for over 10 years and it has required determination and skill. We are committed to delivering a new district in the city which will stand alongside any major European city.
“I believe passionately in the benefits of city regeneration and renewal, and its ability to attract new investment and the massive contribution it can bring a community.”
Pat Ritchie, chief executive of Newcastle City Council, commented: “We have worked very hard and painstakingly for three years using our capital resources and prudential borrowing powers to mobilise a powerful public-private partnership to unlock a development, create much-needed jobs and build investor confidence in our city as we prepare for the upturn.”