Plans to redevelop a 90-hectare site in south Staffordshire have been scrapped due to the uncertain economic climate.
The scheme, known as i54, was dependent on a joint venture between Wolverhampton City Council and Advantage West Midlands finding a suitable private sector development partner.
However, in a statement, the JV said: “It has now become quite clear to the landowners that as a consequence of a continued deterioration in the relevant property markets and the diminished prospect of further public subsidy into the scheme the opportunity as it has been marketed in the past will not be deliverable.
“Accordingly, it has been decided by both Advantage West Midlands and Wolverhampton City Council that they should terminate the selection process and re-assess the way in which the site might be brought forward.”
The planned development, adjacent to the M54 Motorway, would have involved extensive construction work, including: removal of contaminated soil; earthworks to form development platforms; the construction of an estate spine road and footpaths / cycle-ways; provision of drainage and landscaping; improvements to motorway access and traffic flow.
The masterplan, which had received outline planning permission, comprised offices, industrial units, education and research facilities, a hotel, open spaces, associated highways, footpaths and landscaping.
The development aimed to create 6,000 new jobs.