Plans to redevelop Coney Street and York's riverside will bring almost £175 million of economic benefits to the city over the next 15 years, according to research.
York-based property specialist Helmsley Group, which is behind the Coney Street Riverside masterplan, said independent research by property regeneration consultants Aspinall Verdi and economic development consultants Kada Research found that for every £1 invested in the delivery of the scheme, £3.93 will be generated for the local economy.
The scheme's proposals for one of York’s main thoroughfares include up to 250,000 square feet of mixed-use, sustainable development, creation of a new curated public space, connection to the River Ouse and new accommodation.
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Max Reeves, development director at Helmsley Group, said: “This research underlines what we have known for a long time - namely that Coney Street Riverside will have a catalytic impact on the city of York and wider region.
“It also evidences that Coney Street Riverside will create long-term benefits for York, not only for the local economy and job creation, but by creating much-needed public spaces of national standing, enhancing its retail offer, and meeting the demands for student accommodation in the city.”
Helmsley Group said that subject to planning approval by City of York Council, the scheme will create more than 1,150 permanent and temporary jobs.
It submitted plans more than two years ago for what many consider York’s premier shopping street, which in February of this year had five vacant shops.
And plans for a Hard Rock Café in the former TK Maxx store in Coney Street were abandoned with the themed restaurant chain saying it was keen to develop a site elsewhere in York.
Phil Pinder, chair of York High Street Forum, which promotes city centre business interests, said: “The High Street Forum has long been supportive of the regeneration of Coney Street and we can’t wait to see spades in the ground to move it forward for the next part of its journey as a retail destination.”
Mr Reeves added: “Coney Street is currently underappreciated, underused, and unloved.
“These plans will not only deliver first class architecture that is sympathetic to the area’s rich history and heritage, but will position Coney Street as the social heart of York.”
A decision on the plans is expected this spring.
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