A new £700 million riverside suburb is to be built in Liverpool.

The city council is set to approve plans to develop up to 2,500 new homes on the former 90-acre International Festival Gardens site in the south of the city.

Designed by K2 Architects, further plans for the scheme include developing 500,000 sq ft of commercial and leisure floor-space, a new ferry terminal and a major waterpark attraction.

Once approval is granted, the local authority will 'soft market test' the proposals this summer, with the aim of identifying a preferred investment partner before the end of the year.

Other key aims of the 'Festival Park Liverpool Masterplan' include creating a 5km long green corridor to the city centre, a remodelled coastal path as well as a new cultural ‘landmark' venue to sit alongside the year-round waterpark attraction.

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The overall proposal has been set out in key districts:

• Dingle Bank – The residential zone – featuring a new primary school, medical centre and community hub to facilitate the mixed-use housing

• Jericho Wharf – Social heart of the residential zone with hotels, bars and restaurants

• Jericho Shore – The beachfront neighbourhood with residential apartments, pavement cafes, restaurants and bars, designed around an ‘Amsterdam' styled canal frontage

• Festival Gardens – Retention of and enhancement of the existing gardens

• The Southern Grasslands – To be remodelled into a natural habitat for wildlife and leisure activities

Land surveys and environmental assessments are being undertaken, with the first phase of site mediation expected to begin this autumn. Currently, there is outline planning consent for a 1,380 unit residential development on part of the site, valid until December 2022.

Mayor of Liverpool Joe Anderson said: "Festival Park Liverpool has the potential to be one of the UK's great new city suburbs of the 21st century.

"This masterplan sets out the ambition to position the site as a world leader as a place to live and visit and we're highly encouraged by the interest already being shown by developers.

"There is much work to be done and I look forward to seeing the results of the the soft market testing and talking to potential partners about making this vision a reality over the coming decade."

(LM/MH)