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The South West of England Development Agency (RDA) and developer David McLean Developments have signed a landmark deal that gives the green light for the scheme to proceed.
The deal gives the thumbs up for the town centre cinema to be demolished in September and a brand new state-of-the-art four-screen cinema to be built by autumn 2008.
It also means major excavation work will start in early October to make way for new shops, bars, cafés and restaurants, as well as an underground car park and 70 apartments.
The RDA is investing a total of £31.5m on the projects, with the rest coming from David McLean Developments. The deal legally commits the RDA to part-funding the scheme and the developer to building it and providing the rest of the funding.
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Robert McGuffie, the South West RDA’s Cornwall regeneration manager, said: “This deal is what St Austell has been waiting for and we’re delighted that contracts have been signed. It legally commits all parties to the delivery of this major regeneration scheme and means it’s full steam ahead.”
Richard Dean, managing director of David McLean Developments, said: “This agreement is a milestone in the regeneration of St Austell and formalises the commitment that we and the RDA have had to this project since day one.
“With contracts now signed we will soon be in a position to announce some of the exciting new retailers that we already have lined up to take space in the new development.”
The scheme will take two years to build. It will include new shops, bars, cafés and restaurants on three levels, a 550-space underground car park, four-screen cinema and 70 apartments.
Up to 200 people will be employed during the construction phase and the RDA will ensure that local materials and labour are used wherever possible. This means tens of millions of pounds of the scheme's costs will be recycled into the Cornish economy.
Once complete the scheme is expected to employ between 500 and 700 people.
(JM)
