ECF is the joint venture between Homes England; Legal & General, one of the UK’s leading financial services groups and a major global investor; and nationwide placemaker, Muse.

In October, ECF was identified by the council as the preferred regeneration partner for City Centre West and has since agreed terms. It will be the first opportunity to be delivered by the public-private partnership in the Midlands.

The Development Agreement was approved at a meeting of the council’s Joint Cabinet and Cabinet Resources Panel last night (Wednesday).

City Centre West features in the Wolverhampton Investment Prospectus and is the largest regeneration opportunity in the city centre, covering a 12-acre area linking School Street and Darlington Street, including the area around Market Square.

A long-term, phased transformation is expected to see the delivery of 800 to 1,000 new homes, along with leisure, retail, and high-quality public spaces.

Initially, ECF will develop a proposal for the regeneration opportunity, including the precise area it will cover, ahead of submitting a detailed planning application for phase 1 and an outline planning application for the rest of the site later this year. Proposals will be subject to consultation over the coming months.

Councillor Chris Burden, the council’s Cabinet Member for City Development, Jobs and Skills, said: “The council approved ECF as the preferred partner for City Centre West because of their strong track record of working with local authorities in partnership to create great places, bringing together investment and their regeneration expertise, while providing long-term commitment to social value outcomes.

“The Development Agreement signals a major step forward in being able to deliver one of the major opportunities from the Wolverhampton Investment Prospectus, which presents an ambitious vision of how the city can grow – building on the significant levels of public and private sector investment already on site or in the pipeline in Wolverhampton.

“City Centre West will provide essential new housing, new jobs, and commercial opportunities to help revitalise the city centre, as well as provide the social and economic benefits of linking the city centre back into the surrounding suburbs. This is all about putting people at the heart of our city."

Sir Michael Lyons, Chair at ECF, said: “Having a Development Agreement in place is an important step, and builds on our strong partnership with City of Wolverhampton Council.

“We have been exploring potential partnership options over recent months and this is proof of a joint commitment to deliver at City Centre West.

“The ECF Board expects to be in a position to confirm the agreement in the very near future, ahead of the delivery of a planning application.”