Letchworth Garden City Heritage Foundation has signed a collaboration agreement with Discovery Properties to deliver The Wynd scheme to the Hertfordshire town.
The development includes 113 flats, retail space and a 696sq m play area. The plans for The Wynd scheme are being created by Pentangle Design.
The development follows the first phase in which the Heritage Foundation commissioned Skanska to undertake an £8m contract to carry out street scene improvement works in Leys Avenue. Landscape architects from LDA Design's Peterborough office worked on the project design.
These works have now started and are scheduled to finish in May next year — with a break from mid-November to mid-January in order to avoid disrupting Christmas trade.
Discovery Properties has worked with local authorities including the London Borough of Redbridge, Chichester District Council, Swindon Borough Council, Darlington Borough Council and Warwickshire District Council.
The Heritage Foundation, with its property advisors King Sturge, drew up a shortlist of four developers from a potential list of 60.
Letchworth Garden City Heritage Foundation director general Stuart Kenny said: "I am delighted that Discovery Properties will now be working with us to bring The Wynd development to fruition. Clearly, these are challenging times in terms of new development, but Discovery Properties and the Foundation share both the ambition and commitment to deliver this crucial regeneration."
Discovery Properties chief executive Hugo Hawkings said: "This is a fantastic opportunity to be part of a major piece of urban renewal in a very special town with a unique history and ethos. The redevelopment of The Wynd will follow the substantial streetscape refurbishment being carried out now and is designed to complement and enhance the existing urban environment. This is a genuinely exciting challenge for which to be selected."
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