Building work is set to start on the latest phase of one of Birmingham’s biggest urban regeneration schemes following a £3.96 million Government grant.
The funding from the Homes and Communities Agency’s Get Britain Building programme allows developers Crest Nicholson to begin work on the thirteenth stage of Park Central.
The latest phase of the development, named Central Plaza, will see 132 new one and two bedroom apartments built in two buildings over a 139 space car park.
When complete Park Central, in Lee Bank, will have more than 1600 homes.
Anne-Marie Simpson, head of Midlands Central for the HCA, said: “It is great news that Crest Nicholson can get work back on track at Park Central and that the Get Britain Building programme continues to deliver new housing and safeguard jobs.
“This news will be a major boost for Birmingham and its ambitions for news homes and economic growth.”
The £570 million Get Britain Building programme was announced as part of the Government’s Housing Strategy in November 2011 to address difficulties in accessing development finance for house builders.
It operates by making loans available to projects on commercial rates or taking equity stakes to share risk.
The investment is recoverable over a two to five year period, and by March 2018.
All homes supported by the Get Britain Building programme must be complete by December 2015.
Chris Tinker, regeneration chairman at Crest Nicholson, added: “Government initiatives such as Get Britain Building are essential to help stimulate the housing market and are fundamental to unlocking future growth.
“Bringing forward much needed new housing in partnership with the public sector is a key objective for us, and securing this latest funding allocation for the next phase of development at Park Central is a major step that means we can now concentrate on future delivery.
“The scale of this site makes it a significant addition to the Birmingham housing market, and we are committed to developing a prosperous community that not only creates new homes, but also brings new life and new long-term opportunities to the area.”