Falkirk Council took the decision that will see the area to the east of the town, adjacent to the new Forth Valley College and Falkirk Stadium, transformed with new retail, office and leisure opportunities.
A total of nine initial expressions of interest were received with a final two developers putting more detailed plans forward for a final selection by an assessment panel.
Further work on a 'heads of terms' agreement as well as a more detailed retail impact study will also take place.
Initial plans put forward by the preferred developers have highlighted large scale retail units; office space; leisure space; a hotel site; a drive through; food and drink units including a concept pub/restaurant.
Councillor Cecil Meiklejohn, Leader of Falkirk Council said: "Our plans to completely redevelop this area are making great progress and with the appointment of the developer, we are a significant step closer to creating new opportunities for the local economy and jobs.
"The creation of an 'urban quarter' at the Westfield/Middlefield site will transform the vacant area (lying between Falkirk and Grangemouth) and bring the 30 acre site into a location that will help promote economic growth. The capital receipts from the site will be ring fenced to aid the revitalisation of town centres."
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Keith Aitken, Avison Young who represented Falkirk Council said, "Falkirk Gateway is a significant development opportunity for Falkirk and the wider Central Scotland region. It benefits from excellent transport links and proximity to the Helix & The Kelpies, Falkirk Stadium and the town centre. The proposals for the site will act as a further catalyst for economic growth and will prove to be a complimentary neighbour to the new Forth Valley College."
Falkirk Council is using the Tax Incremental Finance scheme (TIF) to fund road infrastructure and enabling works around the Gateway which has helped attract the current developer interest in the site. The £67 million scheme is expected to bring in £413 million in private investment into the area, creating almost 6,000 jobs and hundreds of apprenticeships.
Through the TIF mechanism the Council borrows to supply and improve infrastructure to help promote development in specific locations including the Gateway. Non-domestic rates income generated from the developments paid directly to the Council repay the infrastructure funding.
The TIF anticipates £67m of investment by the Council, levering a total of £176m in infrastructure improvements including improved links to the M9 motorway and Grangemouth Flood Prevention Scheme. This is anticipated to attract investment of over £400m and the completion of c400,000sqm of business space.
In addition to the TIF, Falkirk Council has developed an Investment Zone Business Case similar to growth deals established across a number of regions throughout the UK which will build upon, and be complementary to, the TIF programme.
The bid seeks £207m of funding for delivery of a package of works intended to promote economic opportunities in the Falkirk-Grangemouth area. It proposes a series of measures to create a sustainable, long term investment that creates a smarter, greener, resilient and a more inclusive place – 'a dynamic and distinctive area at the heart of Central Scotland'. It will create jobs, increase innovation, exports and productivity and attract private investment.
(MH)
