Mayor issues 'call for projects' to boost development across West Midlands
Richard Parker is encouraging private sector partners to showcase potential project which can be supported by the West Midlands Futures Fund
A new multi-billion-pound fund aimed at kickstarting construction of new housing and commercial space across the West Midlands has been opened up to the private sector.
Called West Midlands Futures Fund, regional mayor Richard Parker says it puts billions on the table for high-impact schemes that can drive economic growth and create thousands of new homes and jobs.
He has now launched a 'call for projects' to developers and is seeking expressions of interest from the private sector for developments across the commercial, hotels, mixed-used and large-scale residential sectors.
Around £545 million from the West Midlands Futures Fund is currently allocated for such projects, alongside support from members of the broader West Midlands Investment Partnership.
Mr Parker said: "We've wasted no time in using the West Midlands Futures Fund to start driving growth across our region but now I'm opening it up with a call for projects.
"I want developers to work with us and help build the schemes that will drive prosperity for local people and businesses in the years ahead.
"I know there are many investors and developers with deep roots in this region (which) want to deliver the things that matter most to people - affordable homes, good jobs, better transport and a 'can-do' environment for business.
"This fund offers a unique opportunity to achieve that by providing the support the private sector needs to get spades in the ground."
The wider umbrella fund, first announced in May, has continued to grow, incorporating significant capital for transport infrastructure.
A total of £1.7 billion has now been committed to projects including new tram and rail links to unlock the Birmingham Sports Quarter incorporating a new stadium for Birmingham City FC.
It is expected to be further bolstered as more powers and funding are transferred from Whitehall to the West Midlands under devolution plans.
Mr Parker has also announced a new package of projects to be backed with public and external finance from the Futures Fund.
More than £400 million of the initial £3.8 billion put into the fund has been allocated to new affordable and social housing.
The Mayor added: "I'm also announcing several new schemes for this unprecedented financial firepower that will drive further growth and help improve the quality of life."
The next round of initiatives to be financed by the fund are focussed on four so-called 'growth corridors', namely Black Country, Wolverhampton to Walsall, Birmingham and North Solihull and Coventry.
They include the new Digbeth Loc TV studios in Birmingham, projects at junction ten of the M6 in Walsall and new homes across the Black Country.