NECA to launch first Mayoral Development Zone
Newcastle and Gateshead are set to receive up to £1m of initial admin funding focused on accelerating urban regeneration, attracting private and public investment, and reshaping the economic landscape of the region.
The North East Combined Authority will discuss the development of a 20-year Strategic Regeneration Framework for the Newcastle-Gateshead Mayoral Development Zone at its cabinet meeting on Tuesday, a model which could be replicated across other North East urban areas in future.
The area designated for the zone is yet to be finalised, but will span both sides of the River Tyne and include high-profile regeneration sites such as Forth Yards and Gateshead Quays.
NECA will invest up to £300,000 in initial finding, and appoint a multi-disciplinary team of expert advisers to shape the vision, governance, and investment pipeline for the zone.
Newcastle City Council will also invest up to £300,000, with contributions from Gateshead Council and Homes England yet to be determined – however, the initial funding pot will not exceed £1m.
The Strategic Regeneration Framework created will define the role of each site, coordinate delivery, and align investment with the North East Local Growth Plan, the region’s forthcoming Spatial Development Strategy, and its Local Transport Plan.
This will, says the report, hopefully give developers and investors clarity and confidence, and encourage funding for the MDZ from a combination of public sector sources, pension funds, and private capital.
The zone will aim to bring strategic focus, unlock new financial tools, and boost coordination between public and private sectors, while giving NECA a stronger voice in negotiations with Government, Homes England, and institutional investors, and deliver thousands of homes, jobs, and commercial opportunities.
The Newcastle-Gateshead MDZ represents the first of several planned regeneration zones under a new devolved model, which NECA said has been enabled by recent national policy reforms, the North East devolution, and Trailblazer deals.
If approval is secured at the cabinet meeting, the next steps for the project will include appointing consultants to develop the SRF, defining the boundaries of the MDZ, establishing structures to oversee delivery of the scheme, and engaging with investors and landowners.
