West Northamptonshire Council (WNC) and ECF, a joint venture between Legal & General, Homes England and Muse, have signed a development agreement for the Greyfriars regeneration in Northampton.
The project will deliver over 1,000 new homes, jobs, green spaces and cultural destinations in the town centre.
The 25-acre site covers the former Greyfriars bus station, Mayorhold and Victoria Street car parks, the Corn Exchange, Belgrave House, and the East and West Islands.
Plans include affordable, build-to-rent and student housing, as well as shops, cafés, restaurants and leisure spaces.
The scheme is also expected to create up to 7,000 full-time equivalent jobs during construction and unlock more than £1bn in economic value.
Once finished, the development is forecast to boost local spending by £21m a year.
Councillor James Petter, cabinet member for local economy, culture and leisure at West Northamptonshire Council, said: “This is a major milestone for a project that will redefine the future of Northampton and deliver lasting benefits for communities across West Northamptonshire.
“The regeneration of Greyfriars will not only revitalise a key part of our town centre but also strengthen our local economy, improve connectivity, and create a more inclusive and vibrant place to live, work, and visit.”
Sir Michael Lyons, chair at ECF, said: “West Northamptonshire Council has set out a bold vision for Greyfriars and we are looking forward to our collaborative and positive partnership.
“Entering a Development Agreement will enable us to take the next important step in the delivery of this important opportunity.
“It’s a chance to enhance Northampton town centre with new homes, workspaces, retail, culture, and public spaces.
“Together, we will move at pace to deliver a masterplan proposal which delivers against this opportunity.”
