The council – along with property consultants Cushman & Wakefield – is looking for a developer to transform Birmingham Smithfield into a £1bn mixed-use development.
Located in the heart of the city centre, the site adjoins the Bullring shopping centre, New Street station and the new HS2 rail terminus.
The development will create 300,000 sq metres of new floor space, 2,000 new homes and 3,000 new jobs.
“We are excited to launch the search for a world-class developer/investor who has a shared vision and can bring the necessary expertise and resources to partner with the council in delivering the transformational redevelopment of the Birmingham Smithfield area,” said John Clancy, leader of Birmingham City Council.
"Birmingham Smithfield will be one of the largest and most attractive city centre development sites in Europe and is a once-in-a-generation opportunity for the council to partner with a private developer/investor to redevelop a major city centre site covering 42 acres where the council is a major land owner.
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“Creating 3,000 new jobs, it sets the standard for inclusive economic growth and sustainable development and is a major part of the unprecedented change happening in Birmingham as billions of pounds of investment transforms the city’s economy."
The selected developer will work with the council to create the vision for the site set out in the Smithfield masterplan.
Waheed Nazir, corporate director of economy at Birmingham City Council, said the development of Smithfield marked its ambition to strengthen the city’s national and international standing.
“The development will promote the city’s own unique character and protect the rich market heritage of the city with the creation of a new vibrant market complex; and a major family-led leisure and cultural destination and residential area, which is supported by high-quality public realm and transportation links to the wider city centre and beyond.”
David Tonks, head of the Birmingham office at Cushman & Wakefield, expected to see interest from a wide range of developers.
Developers and investment partners have been invited to submit a request to participate by the deadline of 12th September 2017 and the council is set to select a bidder by March 2018.