The county council is planning to form a joint venture company with a private sector partner that over the next 20 years could deliver as much as £1bn of construction work, according to its most optimistic estimates – although the lower end estimate is just £10m.
The council’s cabinet approved the plan last week to tender its development and regeneration partnership and the contract notice has now been published in the Official Journal of the EU.
Councillor Harry Bramer, cabinet member contracts and assets, said: “Working in partnership with a developer will help us ensure that the growth of Herefordshire is managed in a holistic way. This is a tremendous opportunity to ensure that strategic development is managed across the county.
“We have ambitious plans for Hereford city, with the Urban Village being a priority for development, adjacent to the new city link road which is due to start construction in July this year.
“Herefordshire’s landscape will change dramatically over the next few years - it’s an exciting time for those living and working in the city.”
The winning bidder is expected to be announced in April 2017.