Peterborough City Council has started the process to appoint a development partner to regenerate the city's Riverside Opportunity Area, part of which was formally known as the city’s South Bank.

There will be an open day for potential partners on Monday 29 October 2012.

Riverside will be one of the city's largest regeneration projects to take place since the time of the Peterborough Development Corporation.

The open day, being held at the Peterborough United football ground, will give potential development partners the opportunity to find out more about the project and to meet members of the council’s regeneration team. It will be essential for prospective partners to share the council’s vision and strategy for the large-scale regeneration of Riverside.

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The open day follows a Cabinet decision earlier this year to regenerate the area alongside a development partner.

It's hoped that the anticipated 20 year partnership will result in a mix of residential, commercial and leisure developments on site as well as the enhancement of existing green spaces.

Leader of the Council and Cabinet Member for Growth, Strategic Planning, Economic Development, Business Engagement and Environmental Capital, Councillor Marco Cereste, said that the open day will show developers how the city wants to grow: "We want Riverside to become a thriving, high quality quarter reconnecting this area into the city centre. We are striving to make Peterborough bigger and better – and this is a very important part of how this city develops over the coming decades."

The eventual outcome of the process will see the creation of a company which will be jointly owned by the city council and the chosen partner. The process to appoint a preferred bidder for the project is expected to take about a year, with the decision expected in late 2013.

The open day for Riverside will take place on 29 October 2012 and will provide an opportunity for potential partners to hear about the planned procurement and give their views on the project. The next stage of the process will be for the council to request expressions of interest from prospective partners.

(CD)