Funding Talks Begin on "Once-In-A-Century" Piccadilly HS2 Megadevelopment
Funding talks with the government that will unlock what Manchester City Council officials calls a "once-in-a-century" development opportunity have begun.
The funding will deliver the Manchester Piccadilly redevelopment which is at the heart of 8.46M SF of new development surrounding the new HS2 station.
Design work on the new station will be completed in January, councillors have been told.
"Work is underway on designing a funding model considering the level of local and central government funding required and the potential longer-term investment streams that could underpin the delivery of the wider regeneration case," a report to Manchester City Council's executive committee to be debated on Wednesday 27 June said.
The proposals add 10% more floorspace than originally planned in 2014. However, the report also disclosed that the question of whether development density on the site should be increased is up for grabs.
The council is proposing a floor space index of 4:1, which four developers felt was too inflexible. Five supported the proposal, whilst three others thought densities could be increased. Officials responded that "It is not envisaged that FSI will be used to manage and enforce density."
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