Legal & General, Homes England and Muse recommit to The English Cities Fund to develop 6,600 more homes and deliver against Levelling Up agenda
Move enables the £200m joint venture to continue to deliver transformational regeneration schemes, including 6,600 new homes and 2m sq ft of innovation and commercial space in high priority Levelling Up areas, beginning with Salford Crescent and St Helens.
Homes England, the Government’s housing and regeneration agency, Legal & General and national regeneration business, Muse Developments, have reconfirmed their commitment to their long-standing partnership, The English Cities Fund (ECF), for a further ten years to December 2036. This will enable it to continue to deliver against its mission to transform deprived, urban areas and create exceptional new places across England, tripling its development potential to date.
This commitment will allow for an additional 6,600 homes to be built and enable it to reinvest its capital into new, long-term urban regeneration schemes that will support the Levelling Up of towns and cities, creating places where businesses want to invest, and people want to live and socialise.
As an example, ECF secured a major £2.5bn, 240-acre scheme at Salford Crescent in partnership with Salford City Council and the University of Salford, which will bring over 3,000 homes, alongside up to 1m sq ft of space to innovate and collaborate, 1m sq ft of offices, retail, leisure and a new multi-modal transport hub with active travel at its heart to the city, all set within swathes of green space. A catalytic infrastructure and public-realm project, Salford Rise, which received £13.17m from the first lot of Levelling Up Funding, will deliver a green boulevard in the sky that stretches over Fredrick Road to connect communities across the city to the opportunities the regeneration will create.bv