The West Midlands Combined Authority and Greater Birmingham and Solihull Local Enterprise Partnership are to invest nearly £1bn in a project to redevelop a part of Birmingham.
The Curzon Investment Plan, a 30 year strategy to unlock and regenerate 141 hectares of land around the planned HS2 Curzon Street Station, is expected to create 36,000 jobs, 4,000 new homes, and 600,000 square metres of commercial floor space. In return the project is predicted to add £1.4bn to the local economy.
In total £907m is to be invested in a variety of projects including the development of Curzon Street Station, several new neighbourhoods, offices and retail spaces, the creation of public places, and delivering extensions to Birmingham’s metro.
The GBSLEP will invest £770m which will be drawn from an uplift in business rates collected from within the Birmingham city centre enterprise zone. Under the terms of the agreement the GBSLEP gets to retain and reinvest the uplift in business rates generated within the enterprise zone, which was extended to cover the Curzon area as part of the West Midlands devolution deal.
The West Midlands Combined Authority will contribute £137m from its investment fund, worth up to £1.1bn over 30 years, agreed as part of its devolution deal.
Steve Hollis, deputy chair of the GBSLEP, said the Curzon Investment Plan was “the first major commitment by a local area to maximise the impact of HS2”.
He said: “This demonstrates clearly what we can achieve in this region by being given the right tools by central government, to unlock our own future economic success.
“Our commitment to invest is a bold statement of intent for how we will utilise HS2 as a catalyst for growth at every step.”
Prime minister Theresa May said the government was “right behind” the region’s plans.