Derby City Council has been successful in its first stage bid to bring £4m of investment to kick-start redevelopment of the Becketwell regeneration site.
The D2N2 LEP has agreed the sum in principle from its Local Growth Fund, subject to final approval from government this autumn.
The new City Centre Masterplan identifies Becketwell as a key priority and the City Council is assembling land, including the old Debenhams building on Victoria Street.
Martin Rawson Deputy Leader of Derby City Council commented: “We are delighted that D2N2 has agreed the funding in principle for this project. Duckworth Square is an eyesore which we are determined to sort out as quickly as possible. The only way appears to be for the City Council to assume ownership of the whole of the Becketwell area and drive forward its redevelopment.”
If successful the £4m will lever a further £29m of private sector investment and create 142 jobs, 99 new homes and 1,336 square metres of commercial floor space.