Two projects in South Tyneside that aim to create hundreds of jobs are sharing £7m in funding from the North East Local Enterprise Partnership.
The regeneration of South Shields town centre was awarded £5m and the Trinity South housing and regeneration initiative received £2m from the Growing Places fund managed by the North East LEP.
The North East LEP is responsible for allocating £25m in Government money to major regional development projects in the form of flexible loans.
Councillor Iain Malcolm, Leader of South Tyneside Council, said: “South Shields 365 is an ambitious plan to make the town centre an exciting destination every day of the year, and this is another important step towards making that vision a reality.
“In just two months since launching the masterplan, we have seen work start on demolishing the eyesore Wouldhave House and now a major funding success to increase the momentum of regeneration.
“The masterplan will connect our beautiful seafront with a vibrant town centre and renewed Riverside area, where major regeneration projects are already underway.
“Over 200 new homes are planned for Trinity South, just a stone’s throw from the hi-tech One Trinity Green development and the waterfront park which will be completed later this year.”
The South Shields 365 plan will receive a £5m Growing Places loan, supporting the Council’s bold vision to make South Shields the North East’s premier coastal resort.
The 10-year plan aims to bring a new cinema, and retail and leisure facilities to the town centre, as well as a new library and public transport hub. The council will appoint a lead developer for the £100m scheme later this year.
The masterplan is scheduled for completion in 2023 and the council plans to repay the £5m Growing Places loan by the first quarter of 2015.
Work is also underway at the £30m Trinity South housing development in Laygate, South Shields, which is due to be finished in 2019.
A joint project by South Tyneside Council and the Homes and Communities Agency (HCA), the scheme is being developed by housing and regeneration specialist Keepmoat Homes.
The £2m Growing Places loan, which will also be repaid in 2015, will help to transform a 13-acre site including the former Circatex factory and the southern part of Frederick Street. The scheme will create 222 family homes as well as parkland play areas and pedestrian links to the Riverside.
The Council is also developing a £16m pool and leisure complex on South Shields seafront, whilst a £5m project is transforming nearby Littlehaven beach. Construction of a major new Community Hub building in Hebburn Town Centre is set to start later this year.
The £25m in Government Growing Places money won by the North East LEP, to kick start major development projects which had been slowed by the recession, was one of the largest awarded to any region.
Jeremy Middleton, Chair of the North East LEP’s Investment Panel, said: “Both of these projects put forward by South Tyneside Council were excellent matches for the Growing Places criteria, providing sizeable developments in good locations able to make a long-term difference to the region’s economy.
“We are pleased to see the first tranche of the Growing Places money going towards two strong initiatives that will aid in job creation and benefit both their local area and the wider North East.”
Earlier this month TealFarmPark in Washington announced that it was able to complete phase two of its industrial park, creating 112 jobs, following a £200,000 loan from the Growing Places fund. The LEP’s Growing Places fund is an evergreen fund, with repaid loans being reinvested in the fund to enable further projects to be completed.
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