URBAN & CIVIC have revealed plans for £300m of development across two prime sites in Manchester city centre.
Urban & Civic have plans for a £225m scheme on the Deansgate site including up to 600 apartments spread across four blocks
The property firm - with Manchester offices on Fountain Street - has just completed the purchase of two sites from investor Morgan Stanley Real Estate Funds for £22.5m.
The two-acre Deansgate site is currently occupied by the Marriot Renaissance Hotel on the corner of Blackfriars Street, the second one-acre site sits at the corner of Princess Street and Whitworth Street at the undeveloped Origin site (opposite the New Union pub) in the Gay Village.
Urban & Civic have plans for a £225m scheme on the Deansgate site including up to 600 apartments spread across four blocks, a 200-bed hotel, a 300-space basement car park alongside food, drink and retail units.
With the Renaissance Hotel's contract expiring in November 2017, it is estimated that work at the Deansgate location could start from 2018 and take three years to complete.
Confidential has approached the developer to enquire whether the Renaissance will be demlolished or renovated. We're waiting on their response.
Renaissance Hotel from the Salford side of the River Irwell
Origin site in The Village
The developer also has plans to retain the 300-space underground car park at the Gay Village site and develop a three-block 165-bed hotel alongside a further 240 apartments OR 270 student flats at an estimated cost of £75m.
Work at the Princess Road location could start as early as 2016 and take three years to complete.
Executive Chairman of Urban & Civic, Nigel Hugill, said:
"Cambridge and Manchester are on the wish lists of most fund managers at the moment and our judgement is that there is still some way to go in both local economies.
"We have been able to add an intended 6,500 new homes at Waterbeach, which is only a ten minute cycle ride from Cambridge Science Park, and 800,000 sq ft. of residential, hotel and student accommodation for reworking in the very centre of Manchester."
