Under the move set to be signed off by the GMCA on Friday 29 November, the Greater Manchester Combined Authority will provide £4m towards the residential element, set to be matched by the local authority to help kickstart the second phase of work, allowing work to begin next summer.
The residential element of the project will help the delivery of 220 apartments in an initial phase. These are to be for affordable rent and will be built on a site used for storage for the opening phase, which is currently under construction.
Later phases are set to include a hotel and offices; an operator for the hotel is understood to have been lined up by the council already. This will be funded separately from the apartments.
Work on the first phase of the plans is nearing completion. The £80m 200,000 sq ft retail and leisure-led first phase, which is currently being built by Willmott Dixon, will see a Marks and Spencer, Next, H&M, Boots, River Island, a cinema and other yet-to-be announced shops and restaurants is nearing completion, with the stores expected to open in the spring. Genr8 is acting as developer and is delivering the project alongside partner Kajima and the council.
Steve Rumbelow, chief executive of Rochdale Borough Council, said: “Rochdale Riverside is a key part of our £400m investment programme for Rochdale town centre.
“We’ve already transformed much of the area, with new transport infrastructure, a new customer service centre, office and library and more. But our ambition is bigger than that and there’s still much more to deliver. What we’ve done so far is a statement of intent for what we want to see in our borough and the support of the GMCA is testament to that.”
Source: Place North West