The WMCA loan funding will accelerate the transformation of a three-acre brownfield industrial site in Birmingham, supporting developers Urban Splash and Places for People to build a residential-led development offering a further 138 homes.
The development is using advanced construction methods to create part of a new 1,150 home waterside neighbourhood, and will offer a range of homes including one and two-bedroom apartments, as well as 40 two and three storey houses.
Gerald Gannaway, Investment Director – Property, FDC said:
“This funding unlocks phase 2 of a groundbreaking residential scheme. Sustainable, modular construction techniques will provide quality homes for our growing city, transforming a derelict industrial site into a sought-after waterside community, whilst also giving the regional economy a much-needed boost.”
As well as receiving WMCA funding, Port Loop is being delivered by a joint venture partnership of Urban Splash and Places for People, alongside the landowners Canal & River Trust and Birmingham City Council.