This follows the initial preferred developer, Legal & General Modular Homes, closing its modular homes production factory in May.
The council and its landowning development partner, Canal & River Trust, have evaluated the developer selection through a best and final bid process.
Cabinet will now be asked at its meeting tomorrow (Wednesday) to approve the preferred developer prior to entering into a new exclusivity agreement and pre-planning application engagement in advance of contracts being exchanged for the 17.5-acre site.
The Canalside South scheme, which will see hundreds of new homes built along one of the most historic stretches of canal in the country will be a game-changing residential development offer for the city.
The waterfront development opportunity sits on the eastern edge of the city centre and is made up of the Canal & River Trust-owned former Crane Foundry site and the Council’s former British Steel site and land off Qualcast Road – all brought together under a collaboration agreement designed to ensure a comprehensive development takes place.
The vision for the Canalside South masterplan is the delivery of around 1,000 homes to meet both the city and wider region’s housing needs, with sustainability and place-making at its heart. There is also the potential to include the provision of a mix of complementary retail, leisure and commercial uses as part of the comprehensive development of the site.
Canalside South is located minutes away from the city centre and the award-winning £150million transport Interchange, providing easy access to the tram, road, rail and canal network.
Commercial partners Avison Young have supported the marketing of the site.
City of Wolverhampton Council Acting Leader and Cabinet Member for Inclusive City Economy, Councillor Stephen Simkins, said: “Developer appetite remains strong to deliver a transformational project in this part of the city.
“Following due diligence and a lot of hard work we have moved quickly to find an alternative preferred developer for this large and exciting opportunity at Canalside South and, through our Canalside Delivery Partnership with the Canal & River Trust, we are determined to realise its potential.
“Strong partnership working is delivering billions of pounds of investment across Wolverhampton - and by pooling our resources with the Canal & River Trust we believe we can bring about a nationally significant development on one of the most historic stretches of canal in the country.
“It will enable our residents to benefit from superb connectivity, amenities and health & wellbeing opportunities at this wonderful heritage location.”
