News: 2 December 2020Cambridge team leads £50m Towns Fund for Stevenage

Our Cambridge team have been instrumental in Stevenage’s bid to redefine its future with an application for government support of its 20-year regeneration programme. Tasked by the Stevenage Development Board our team has spearheaded the submission of a Stevenage Town Investment Plan to government, applying for £50m of investment from the new Towns Fund.

Working alongside Genecon, Stevenage Borough Council and Hertfordshire LEP on behalf of the Stevenage Development Board our team drafted and submitted the bid, which aims to secure investment from government in a range of projects across Stevenage as part of the opportunity for 100 towns to benefit from the Towns Fund’s £3.6bn pot. 

Drawing upon the team’s extensive knowledge and research, the submission outlines five key challenges and opportunities. This combined with an extensive online consultation process with businesses, residents and key stakeholders, has enabled us to presents a vision that showcases Stevenage as an exemplar New Town with five key ambitions (below) and proposes 10 exciting projects.   

Ambitions

  • To reflect and re-interpret its New Town heritage for future generations
  • Embrace sustainable travel to maximise the benefits of a strategic location and link to communities with jobs and leisure
  • Transform the town centre as a key place of opportunity and integration for business, residents and visitors
  • Residential neighbourhood
  • Upskill and providing opportunities for people to benefit from innovation & growth
  • Supercharging the growth of our national and international business base

 

This bid is part of a larger regeneration programme in Stevenage which will see £1bn invested over 20 years. The key projects currently announced within this programme include the regeneration of the Town Square, a new bus interchange, the development of the former M&S site on Queensway North, and ‘SG1’, the scheme currently being brought forward by Mace, which will feature 11 new buildings over 5.8 hectares of the town centre.

THIS INVESTMENT PLAN PUTS INTO WRITING WHAT WE HAVE LONG KNOWN ABOUT STEVENAGE – THAT THERE IS A HUGE OPPORTUNITY TO MAKE A DRAMATIC CONTRIBUTION TO UK PLC THROUGH THE TOWN’S GROWTH AND REINVENTION AS WELL AS RADICALLY ENHANCING THE LIVES AND OPPORTUNITIES FOR THOSE WHO LIVE THERE. IT’S EVIDENCED ALREADY IN THE PROJECTS CURRENTLY UNDERWAY TO REGENERATE THE TOWN CENTRE. £50M IS THE MAXIMUM AMOUNT OF FUNDING A PLACE CAN APPLY FOR UNDER THE TOWNS FUND SCHEME, AND WE’RE CONFIDENT THAT STEVENAGE HAS A POWERFUL CASE FOR THIS INVESTMENT – WHICH WOULD UNLOCK FANTASTIC OPPORTUNITIES FOR RESIDENTS AND THE LOCAL COMMUNITY, AS WELL AS SIGNIFICANT ECONOMIC POTENTIAL FOR THE WIDER REGION AND UK ECONOMY . WE LOOK FORWARD TO HEARING THE GOVERNMENT’S DECISION.
Andrew Fisher,
Director and team lead on the project

The plan was officially submitted on 30 October, with a decision from government expected in early 2021. This submission was part of the second cohort of Towns Fund applications, with a third set due before the end of January 2021. All proposals are assessed on their own merits, and if the bid is successful, Stevenage will then have up to a year to agree on specific projects and develop comprehensive business cases, building on the content of the plan.

View the Executive Summary.

View https://stevenage-even-better.com/my-town/ for more information.

Listen in to our latest podcast episode "How can we maximise social value in town centre regeneration?" where we brought together a range of voices from the industry, who are intrigued by this challenge and come at it from a range of specialisms and perspectives.

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