Peterborough’s Station Quarter regeneration scheme has secured £48 million in the latest round of Levelling Up funding.
Peterborough City Council and Cambridgeshire & Peterborough Combined Authority has been awarded the money from the £2.1 billion second round of levelling up money given to a total of 111 projects.
Peterborough City Council and partners are expected to provide the remaining funds for the £65m project, which includes a new western entrance to the station with a car park with a new wider footbridge and green areas for biodiversity, community spaces and better connections to the city centre in its first phase.
Deputy Mayor of Cambridgeshire and Peterborough, Cllr Anna Smith, said: “This is fantastic news. Regenerating the Station Quarter has the power to uplift not just the city but the whole region of Cambridgeshire and beyond.
“It’s a great addition to what we are going to be able to offer in the East of England and will make Peterborough itself greener and ever more welcoming to visitors, investors and businesses. I want to thank everyone, both in Peterborough and at the Combined Authority, who has helped to make this happen.”
Cllr Wayne Fitzgerald, leader of Peterborough City Council, said: “We have just achieved the funding for a once in a lifetime opportunity for our city centre. This redevelopment of our city centre train station and the land surrounding it will cut carbon emissions and make our city easier and safer to walk around, while stimulating business and providing economic benefit to our city – both during and after construction.”
An outline business case and planning application will be submitted next year. Construction work on the first phase could take place between 2024 and 2026, with wider development of the Station Quarter continuing up to 2028.
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