Instead of appointing a 'Master Developer' for the scheme, the local authority has assumed control for setting strategies, working up the masterplan and deciding the optimal phasing plan for delivery.
Work will now begin to search for a development partner to deliver the first two housing sites at Willoughby Lane and the Leeside Road Gas Holder site, delivering nearly 1,000 new homes. Overall, the project will see 10,000 new homes and thousands of new jobs created.
Council Leader Nesil Caliskan said the move is a "watershed moment" for the delivery of Meridian Water.
"Meridian Water is back on track and the way we are delivering is genuinely new for a local authority," he said.
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"Going forward we will be in control and we will be the custodians of the place Meridian Water will become; investing council money and resources to ensure that local people are the principle beneficiaries of the new homes and jobs that will be created.
"We will select development and other partners to work with the Council to bring forward specific parts of the regeneration, whether that is for housing delivery, new employment spaces or meanwhile uses, and we will hold the vision for Meridian Water and oversee its delivery.
"I am pleased to say that we are also ready to accelerate delivery and will bring forward the first housing site, which will see hundreds of private and affordable homes built around the new train station. A second housing site and a site for a major employment hub will then follow."
Continuing, Cllr Caliskan said the council is progressing its detailed business case to secure £120m of funding from the Housing Infrastructure Fund, which will connect all parts of Meridian Water to the new train station and improve the frequency of train services.
"We are also working on a dedicated employment strategy which will bring high quality jobs, life and some exciting uses to Meridian Water, very early in the development," he said.
"The Cabinet and I are absolutely determined to create a legacy to be proud of in the borough, whilst also delivering a return on the Council's investment, and I look forward to making further announcements as we rapidly secure real benefits from the Meridian Water regeneration."
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