Progress on restarting the stalled £43m Canal Street development in Nottingham’s Southern Gateway has been welcomed by Nottingham City Council.

New owner Nottingham One Development Ltd, which bought the property earlier this year, now expects the scheme to be completed by the end of 2013.

The £43m mixed-use commercial scheme on Canal Street, formerly known as Southreef, had stalled in 2010 and has had several owners since original work began in 2007.

Nottingham One has announced it is “driving forward” its construction programme for the development, located on the edge of the city’s Creative Quarter and the Southern Gateway business district.

It has appointed management consultancy and engineer Arups to oversee the programme arrangements.

Work is expected to resume on site in January 2013, with completion expected by the end of 2013.

Contractors have now been short-listed, through an “exhaustive process”, and the winner will be announced next month (December).

“I am extremely proud to gain the opportunity to rescue such a fantastic project once and for all to become one of the finest residential and commercial projects in the city,” said Colin Wright, director of Nottingham One Development Ltd.

Nottingham City Council deputy leader Graham Chapman added: “We are delighted a development programme has been put in place and are keen to see this development brought to completion.

“The scheme will undoubtedly become a major focal point along one of the main arterial routes in and out of the city.

“Teams within the city council have been working closely with the developer since acquisition to ensure the works run smoothly. We are delighted to welcome Nottingham One to the city and will continue to support them throughout the construction programme and look forward to helping with the launch of the completed development.”

Source: Insider Midlands Magazine