Developers have submitted plans to tear down one of Birmingham's most run down and derelict city centre buildings on Bristol Street and replace it with 1000 apartments and townhouses alongside ground floor retail units.
If the plans are accepted, the new urban village, to be named 'The New Monaco' will become one of the largest residential estates developed in the City Centre. Demolition of Monaco House is currently underway and the seven acre site literally a stone throw away from the city centre will make way for two iconic towers, 26 and 29 storeys, retail, food, café and bars spanning over 116,145 sq ft.
The new development will neighbour the recently constructed residential site, Park Central situated across the road.
Construction is expected to be underway in 2018 and the project is estimated to be completed in 2023.
The Manchester based property group MCR is behind the 'garden village' scheme and are working alongside planning consultants, Pegasus Group and architects, Leach Rhodes Walker.
The run down plot was subject to a long running legal battle between Tesco, who wanted to build a superstore on the site and Asda who were planning on building a supermarket on the Park Central site opposite.
Tesco withdrew their plans in 2015 bringing the saga to an end.
Once complete, the units will be sold by MCR's residential arm, Regency Residential.
With another major scheme proposed by Barratt Homes on the old Matthew Boulton College Site situated behind 'The New Manaco', Birmingham is set to be transformed beyond recognition.
With another major scheme proposed by Barratt Homes on the old Matthew Boulton College Site situated behind 'The New Manaco', Birmingham is set to be transformed beyond recognition. This is clearly a welcomed change for Birmingham as it gears up for the arrival of HS2. I believe sheer the volume and grandeur of some of the proposed projects in Birmingham alone speaks volumes for the construction industry and should inject a much needed boost of revenue and work for the region and the industry.
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