Local councillors approved the deal on Friday, which will see Barratt steer the £1bn town centre project, one of the biggest regeneration projects in the UK.
Outline plans for the 20-year project envisage building 3,650 homes, more than half a million square feet of retail and leisure space along with a similar amount of commercial property.
Tony Ball, leader of the council said: “I am delighted that we have got to this stage.
“The regeneration will not happen overnight. The first task will be the preparation of the master plan coupled with developing the plans for the first retail and leisure phase.
“In addition, plans will be submitted for the first homes, which are vital to provide initial funding for the regeneration and start the process of creating a town centre community, which will support the commercial elements of the regeneration.”
- 520,000 sq ft of new retail and leisure space
- Up to 540,000 sq ft of new offices
- 1,900 new homes (in addition to the 700 already with planning permission or built)
- Major extension to the Towngate Theatre from 546 to 1200 seats
- A hotel
- Scope for a new college
- Improvements to squares in the town centre
- Improvements to Gloucester Park including a ‘city park and a ‘Green Link’ Boulevard from the town centre to the park
- Improvements to transport facilities