With huge investment heading into Portsmouth in the coming years. Here is where the money will be spent.
City Centre road – £30m
Three weeks ago Portsmouth City Council approved £100,000 to design a new road system for the city centre.
It is now aiming to borrow up to £20m and split the remaining £10m costs with developers.
The council believes the new road is needed to stimulate and accommodate their investment and regeneration plans for the city centre, the Hard and the Seafront.
It argues that residents, business people, shoppers and visitors must be able to travel easily and park if the city is to be successful.
Bridge to Port Solent – £20m
The council has plans to eventually build a further 1,000 homes in Port Solent and on Horsea Island. It plans to design and build a bridge link between Tipner to Horsea Island.
The aim is to open up land for regeneration that was previously impossible to use and provide access to the newly proposed country park facilities.
Tipner redevelopment – £130m
Proposals for the long-awaited clean-up and development of Tipner include more than 600 homes, a new motorway junction and the decontamination of a large area of toxic land. When eventually completed, Portsmouth City Council hopes the regeneration will also provide 25,000sq ft of business space, 1,500 new jobs, waterside open spaces, a park and ride and a hotel.
The redevelopment of the east side of the site is expected to cost around £130m and this will be funded by the council, the government’s Homes and Communities Agency and the Tipner Regeneration Company.
Flood defences – £80m
To protect the areas of the city susceptible to flooding the council has been awarded £1m to design a defence system.
This money from the government’s Environment Agency is just the beginning – the council needs almost £80m for the most at-risk areas, such as Southsea and north of the city.
It intends to bid for funding and will also use the Community Infrastructure Levy to make sure developers contribute as well.
Cllr Hancock said: ‘Everyone in the UK is competing for these resources – we need everyone to give us support.’
Seafront strategy– £100m
In 2010 the council launched its Seafront Strategy, which aims to redevelop Portsmouth’s most important tourist attraction.
It is now preparing a detailed Supplementary Planning Document which will set out clearly to investors the kind and quality of developments it hopes for on the seafront.
In his presentation today Mike Hancock said: ‘We have over seven million visitors a year.
‘We have one of the most visually attractive seafronts and active sea ways. We wish to be a European city break destination.
‘We will encourage hotels and better co-ordinated attractions to keep visitors here longer.’
Tipner Road junction – £30m
Last week’s announcement that the government will fund a new M275 interchange moved the regeneration of Tipner a huge step closer.
Planning permission for the Tipner Road junction was granted more than 12 months ago, but the Chancellor George Osborne’s decision that the rejuvenation of the area will receive a share of a £5bn funding pot has cleared the way for work to begin.
The Tipner proposal would see northbound and southbound slip roads joining a new roundabout underneath the motorway at Tipner Lane.
Also included is a bus and taxi lane alongside the southbound slow lane of the M275 into the city and a park and ride scheme.
New sites – £270m
Money has been allocated for investment in sites owned by Portsmouth City Council.
It is looking to transform assets such as under-used car parks and Dunsbury Hill Farm, and ultimately build houses and create jobs.
A more detailed plan and decision is expected next year.
Dunsbury Hill Farm road – £12m
Portsmouth City Council bought Dunsbury Hill Farm at the end of the Second World War.
Mike Hancock described this as a ‘great investment’ and believes that after the opening of the Hindhead tunnel the access to the Havant site has been improved, which makes it more attractive to developers.
The council is now working with PUSH, the Solent LEP, Hampshire County Council and Havant Borough Council in the hope of submitting a planning application later this month.
It wants to build a new road to make access easier in the hope of bringing in developers.
The Northern Quarter – £270m
Proposals for the £500m Northern Quarter shops scheme were shelved in 2008 as the recession began to bite – but now they are set to move forward once again.
In January developer Centros – which has already committed £50m to the project – will report back with its revised proposals for the Northern Quarter.
These are believed to include a huge John Lewis department store and a Marks & Spencer. The council expects a planning application to follow in 2012/13 and hope to have a new city centre opening in 2018.
Development projects totalling more than £100m in investment
The Blade: An iconic structure which will provide accommodation for University of Portsmouth students. This 33-storey building, will be built at Victoria Park, in central Portsmouth, and will house 600 students.
No 1 Portsmouth: A 26-storey hotel to be built in Surrey Street, Landport.
The Zurich building: Another recession-hit development; developers are preparing to begin work on turning this former insurance headquarters into a hotel and office accommodation.
Lakeside North Harbour phase two: A major complex in the north of the city which will provide a hotel, business accommodation and a Porsche car dealership.
2014 – Tipner Road junction
2015 – Dunsbury Hill Farm road; Other developments
2017 – City Centre road
2018 – The Northern Quarter
2020 – Tipner redevelopment; Bridge to Port Solent; Seafront Strategy
2024 – Flood defences
2032 – Development of other city council-owned sites