Investors are now being sought for plans to regenerate Peterborough Station and surrounding land.
The project, which is thought to cost around £43 million, will include an office hub to attract businesses and public sector organisations relocating from London, a shopping plaza, coffee shops, housing and restaurants.
A footbridge across the tracks will lead to a second car park to the west of the station to reduce traffic entering the city centre.
In a statement, Peterborough City Council said: “A blend of new and old is envisaged for the new development, with The Great Northern Hotel and the refurbishment of several Grade II listed railway buildings key to the plans.”
The authority is currently in talks with both public and private sector investors.
The Station Quarter masterplan is a partnership between the city council; the Cambridgeshire and Peterborough Combined Authority, LNER, and Network Rail.
An investors’ conference is being planned for the Spring to promote the plans for both the Station Quarter and the city centre more widely in the investment prospectus.
CllrJohn Holdich, leader of Peterborough City Council, said: “The time is now for Peterborough.
“Our city is thriving and the council is ready to work with investors and our communities to drive forward the next stage in Peterborough’s growth.
“Peterborough is a great place for investors to choose.
“As an example, our office space is £15 per sq ft, compared to £73 in London.
“Rather than doing this piece by piece, we have created a clear vision which shows what we want to achieve to make our city an even better place to work, live and play for the next 50 years.”
Mr Holdich concluded: “We need this clear aim to make sure that residents get a good deal and we get the very best for Peterborough.”
James Palmer, Mayor of the Cambridgeshire and Peterborough Combined Authority, said: “It is a growing city, a forward thinking city with new businesses and growth coming to the city.
“The combined authority has invested £25 million for a university for Peterborough.
“It will be the first technical university in the UK and will be focused on the needs of business and aimed at local people who want to get a career out of going to university.”
He concluded: “It is the right university for the right city at the right time.”
A Network Rail spokesperson said: “We are always happy to work with stakeholders on their aspirations to improve the railway.”
“Network Rail is working with Peterborough City Council and London North Eastern Railway to look at opportunities for Peterborough station and the Station Quarter.”
Image: Courtesy of Norr and LDA design