A £15 million development plan has been made public for the remodelling and enlargement of the St Marks area.
The development for the St Marks Shopping Centre has been in the works since 2009, after being first announced in September of that year.
Owned by Standard Life Investments, who are one of the largest investors in shopping centres and retail parks in the UK, plan to update and remodel the shopping district and create a retail-led mixed used scheme.
The proposals comprise of new retail and leisure, student accommodation, homes, a hotel and multi-storey car park.
Standard Life Investments have been in consideration for the redevelopment of St Marks for some time and have been in informal talks with City of Lincoln Council about it for the past two years.
As of Friday, November 4, plans for the development have been on show to the public ahead of the submission of a formal planning application, which is due to be finalised in late Autumn of this year.
Keir Bosley, associate director at Firstlight PR, said on behalf of Standard Life Investment: “I do not have any information… at this stage as we are still receiving feedback, though I understand the response has been largely positive.”
The over-all plan for this new enlargement is hoping to be started at the earliest possible date, which is in 2020, with an estimated time of completion being towards the end of 2023, early 2014.
In order to get to that phase of development, additional work will be required to obtain detailed consent and milestones have to be hit.
If this all goes to plan, there will be a significant effect on Lincoln’s economy as well as benefits to the city and local communities.
Mr Bosley said: “the proposal hopes to improve links to different areas of the city and contribute positively to the city’s economy by enhancing and expanding the overall retail offering and bringing new retailers to the city.”
“[We] will also serve and create synergy with the University assisting their growth as well as that of the city.”
Alongside the growth of Lincoln’s economy, numerous full-time and part-time jobs will be available, with an approximation of between 1,400 and 2,000 jobs in total.
“Additionally, construction of such a large site would be likely to generate around a significant number of further jobs over the two – to three year period which in our experience creates a boost to local businesses.”