{"id":49359,"date":"2018-11-22T13:45:42","date_gmt":"2018-11-22T13:45:42","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=49359"},"modified":"2018-11-22T13:51:37","modified_gmt":"2018-11-22T13:51:37","slug":"paradise-development-runs-out-of-money","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/paradise-development-runs-out-of-money\/49359\/","title":{"rendered":"Birmingam\u2019s Paradise development runs out of money for phase 2"},"content":{"rendered":"

Birmingham City Council<\/a> has revealed it has run out of money for the second phase of its ambitious \u00a3500m Paradise development<\/h2>\n

The city centre Paradise development has faced scrutiny from city councillors after it was revealed they were kept in the dark while costs spiralled to \u00a3100m.<\/p>\n

City councillors were told that overspends were inevitable but it was conceded there had been a significant failure in communication between builders, the city council and the Greater Birmingham and Solihull Local Enterprise Partnership (LEP).<\/p>\n

The whole Paradise scheme<\/a> is now in limbo as the city council tries to raise an extra \u00a350m to deliver essential infrastructure works paving the way for phase two.<\/p>\n

Despite this, a Birmingham City Council audit committee was told it was still an \u2018excellent scheme\u2019 which would generate 10,000 new jobs and more than \u00a3300m worth of business rates when completed \u2013 outweighing the growing costs.<\/p>\n

Council leader Councillor Ian Ward admitted he only became aware of the situation with the Paradise development earlier this year.<\/p>\n

He said: \u201cWhen the decision\u00a0[to approve initial funding] was taken it was recognised this was strategically important for the city. This remains the case today.<\/p>\n

\u201cWhat we have got to get right is the change in governance.<\/p>\n

\u201cThe fact that there is a return to the LEP through business rates growth and return to the city council, does, I believe, mean we have to find a way of ensuring this development continues otherwise\u00a0we will be left with a problem in that particular location for years to come.\u201d<\/p>\n

Talks are now ongoing with the LEP about finding the \u00a350m.<\/p>\n

The Paradise development \u2013 which is being managed by developer Argent<\/a> \u2013 includes ten new office buildings, a hotel, public spaces and 550 car parking bays between Centenary Square and Victoria Square, as well as shops, restaurants and cafes.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Birmingham City Council has revealed it has run out of money for the second phase of its ambitious \u00a3500m Paradise development.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[824,676,283,639],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-49359","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-carillion","8":"tag-construction","9":"tag-finance","10":"tag-procurement"},"acf":[],"yoast_head":"\nBirmingam\u2019s Paradise development runs out of money for phase 2<\/title>\n<meta name=\"description\" content=\"Birmingham City Council has revealed it has run out of 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