Middlesbrough Development Corporation (MDC) has agreed to provide a further £7million to breathe life into Gresham with the development of a new hotel alongside professional living and student accommodation.
The approval by MDC Board members takes the full amount of support to £11.5million and progresses plans for initial site works to begin in April, with construction forecast to start in summer 2025.
Tees Valley Mayor Ben Houchen said: “For far too long this site has stood derelict but we are now getting on with the job of delivering a first-class hotel and accommodation scheme which will transform this area.
“Our Development Corporation is getting on with the job of regenerating Middlesbrough by bringing jobs and investment and this decision means we will soon have spades in the ground and construction under way.”
Middlesbrough Development Corporation has teamed up with experienced property developers iMpeC and Buccleuch Property to deliver a project to rejuvenate Gresham.
The aim is to offer high-quality accommodation to attract and retain talent in the town, support the growth of Teesside University, and aid the regeneration of Middlesbrough by attracting up to 4,000 jobs.
The funding approval is the latest development on the project. It was announced in October that international hotel brand Fairfield by Marriott is in discussions to open a new 200-bedroom hotel at the corner of Borough Road near Union Street and Hartington Road.
Wates has also been recently appointed as the lead construction contractor on the development.
A planning application for phase 1 of the development is expected to be submitted in January.
It will seek approval for more than 230 build-to-rent properties, and a new block to offer student accommodation for more than 400 people.
