TODAY, one of the biggest regeneration schemes Derby has ever seen will start rising out of the ground, creating 1,600 jobs over the next two decades.
The £100 million redevelopment of Castleward is likely to guarantee work for the city's construction industry and recruitment for the project, which covers 30 acres, has started in earnest.
Developer Compendium Living anticipates that around 320 jobs will be created during the first phase of the five-phase project.
It estimates that, over the life of the scheme, due to be completed in 15 to 20 years' time, it will provide work for 1,600, with Compendium vowing to use local labour and materials where possible.
The final total could be even higher as the figure does not include the jobs that will be created by businesses moving into the 34,500sq ft of commercial space that is being built as part of the scheme.
This morning, a significant moment in the history of the project took place. A commemorative stone, marking the start of construction work, was unveiled in the presence of dignitaries and business leaders.
Compendium is aiming to transform Castleward from an unloved and rundown area of the city into a vibrant, thriving community, populated with homes, businesses and green spaces. Preparation work for the first phase of the project, which is due to be completed in 2016 and covers five acres, began back in November.
Already, redundant buildings have been demolished to make way for 163 homes, 16,500sq ft of business units and a park.
The development will also feature a tree-lined boulevard – running between Derby railway station and the Westfield Derby shopping centre – which will provide a gateway to visitors and giving them a positive first impression of the city.
Once all phases are complete, Castleward will boast 800 homes, commercial units and a school.
In a statement, Compendium said: "Where possible, labour will be sourced locally. This is certainly the case for the apprentices that will be taken on. Three apprentices will be taken on in the first year and 17, employed directly by Compendium, will be created over the lifetime of the development. Materials are also being sourced locally. For example, cement is being sourced from the Tarmac factory in John Street, just a few metres from the site."
Compendium was selected as the preferred developer by Derby City Council and the Government's Homes and Communities Agency to create the new "urban village".
Margaret Allen, executive director for HCA Midlands, said: "It is a great testament to the efforts of all involved in the Castleward development that work is now getting under way.
"The site location is one of immense potential and the work that is being undertaken will no doubt provide both economic growth and job opportunities for Derby."
Compendium said the first 12 commercial premises, ranging from 400sq ft to 4,000sq ft, will be available from autumn, while the first homes will be available for sale from September.
