Lincoln councillors have given outline planning permission to a £150 million redevelopment of St Marks by Standard Life Investments.
The project will see all units to the west of Debenhams demolished and replaced with new retail units, a multi-storey car park, hotel, flats and student accommodation.
Standard Life Investments’ plans include:
- Up to 485,000 sq ft of new retail and leisure space
- Up to 150 new residential units
- Up to 1,100 new student flats
- A hotel of up to 130 rooms
- A car park of up to 1,100 spaces
Options discussed also include the possibility of a new cinema and waterfront restaurants.
The original planning application was submitted in February and includes the west side of the retail park, where Toys ‘R’ Us and Homebase are currently located, as well as the partial reconfiguration of the east side of St Marks, west of Debenhams.
Standard Life Investments said it will now be able to progress plans to create a more comprehensive and cohesive mixed-use scheme to complement Lincoln’s existing shopping offer and improve the links to the High Street and the University of Lincoln.
The scheme has the potential to generate up to 2,000 new jobs in Lincoln.
The next steps for the project will include developing detailed designs and a timeline for delivery.
Once these and other key milestones have been achieved, work could potentially begin in 2020 with the full scheme being completed by the end of 2023 or early 2024.
David Stewart of Standard Life Investments said: “This is a tremendous outcome and we’re thrilled that that the council supports our vision for St Marks. Their decision reinforces our conviction that the proposed scheme will be a major boost for Lincoln. It’s a significant investment that we’re confident will improve the gateway to the city centre.”