Latest News | 23 July 2020
£10m for riverside regeneration
Derby is set to receive a £10million investment for the Our City, Our River (OCOR) project, as part of the Government’s initiative to protect homes and businesses from flooding.
Going towards the creation of a new riverside park, the funding will transform the east side of the river around Stuart Street, Phoenix Street, and Exeter Place, creating a new area of the city, Derby Riverside.
The OCOR Masterplan outlines the key aims of the project and provides a framework which Bondholder Derby City Council will use to create attractive and vibrant areas along the river where people want to live, work and visit.
Cllr Matthew Holmes, Cabinet Member for Regeneration, Planning and Transportation, said: “We’re delighted to receive this substantial investment towards the next phase of our flood alleviation works for Derby. This is brilliant news and will help to achieve the next stage in our Our City, Our River flood alleviation project, focusing on major regeneration of the east side of the River Derwent in the city centre.
The scheme would not only support the ongoing OCOR flood alleviation programme but also support the creation of more homes in the city and commercial space for 1,000 jobs.
Work to regenerate this area has already begun with the installation of four new flood gates to Exeter Bridge and Derwent Street as well the repaving and realigning the road of the bridge.
It will continue over the next two years, with further design work and a refresh of the planning consent, following that the land would be acquired, through a Compulsory Purchase Order (CPO) if required, in order to progress with the redevelopment and to help to mitigate flooding in this area.
This investment will help support the city’s plans for Derby Riverside and city centre regeneration, whilst maintaining short-term confidence amongst local businesses and external investors.
Cllr Matthew Holmes added: “Historically, as a city, we’ve not embraced the River Derwent and have certainly not made the most of it as a natural asset. This proposed regeneration work will help Derby embrace and turn towards the river. I believe the proposals will change our city centre and open up new spaces and opportunities for residents, visitors and businesses.”
