THE regeneration of Plymouth city centre is being challenged by rising construction costs, falling house prices and a lack of investment cash. Plymouth City Council has reacted by looking at ways to encourage government and private sector funding.
With the council looking at a potential 5,000 new homes in the city centre and neighbouring areas, in a bid to counter the decline in bricks-and-mortar retail, it admits it faces huge challenges, which also include a dearth of contractors and even enough workers to take on projects. The council is now to push the case for investment into the city centre with government agencies and the private sector.
A strategic investment and regeneration board – made up of senior council officials and senior Government and agency officials – is to be created to look at opportunities in the city centre and resolve issues. It will also identify funding opportunities and “acquisitions”.
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