Standard Life Investments has lodged a planning application with the City of Lincoln Council for the redevelopment of the St Marks site, which currently houses a shopping centre and retail park on either side of the River Witham.
Under the proposals the existing 34 units would be replaced by 355,000 sq ft of retail, 82,500 sq ft of F&B, 1,100 student housing units, 150 flats, a 130-room hotel and an 1,100-space multi-storey car park. The scheme could potentially house a multiplex cinema as well.
A public consultation in November 2016 received overwhelming local support with nearly 90 per cent of people who provided feedback on the proposals saying they welcomed the development.
David Stewart of Standard Life Investments said: “We’re confident that our proposals have the potential to significantly enhance this important gateway to the city centre by attracting new retailers, creating new investment and housing, and generating between 1,400 and 2,000 new jobs in Lincoln. We’re very encouraged by the positive reaction we’ve received to date from local people.”
If planning permission is granted and other key milestones are achieved, work could begin in 2020 with the entire project potentially being completed by the end of 2023 or early 2024. Montagu Evans is advising Standard Life.