Nottingham City Council has missed out on £20m government funding to help demolish the Broadmarsh shopping centre and bring forward the next phase of the Island Quarter scheme.
The council applied for £40m in total, of which £18 million was approved to renew roads and pavements, street lights, and roll out more electric charging points across the city.
The grants fell under the governments ‘Levelling Up’ programme, a Government funding scheme for local authorities to regenerate towns and cities and improve transport networks.
The Government announced 109 ‘Levelling Up’ bids had been successful following the Chancellor Rishi Sunak’s Budget announcement on Wednesday (October 27) but the £20m needed by Nottingham City Council to demolish the Broadmarsh site, and to help fit out the new Central Library was denied.
The project, which is a key part of the council’s vision to attract developers and build ‘a mixed use’ scheme has had a number of setbacks, not least of which was the collapse of the site’s former operator, leaving the Council to foot the bill.
It was hoped that the Levelling Up grant would breathe new life into the project.
The council has already secured funding to demolish the western end of the shopping centre near to Maid Marian Way but with the now £20m shortfall it is unclear how the project will now be funded.
City council leader, councillor David Mellen, remains optimistic and intends to submit fresh bids in the spring. He explained: “We welcome of course the £18m that Nottingham will receive thanks to our successful bid for this amount to carry out a range of transport improvements around the city.
“However, we are bitterly disappointed that our bids for the Broadmarsh and Island Quarter sites were not successful. These are two of the UK’s largest regeneration sites and can play a hugely significant role in Nottingham’s post-pandemic growth.
“They would seem to be obvious candidates for Government funding that aims to help level up areas which have too often been overlooked for financial support.
“We will look towards submitting fresh bids for these sites for the next round of Levelling Up funding next spring, as we firmly believe they are too important for Government to ignore.”