Hull city centre is receiving £19.5m from the Government’s Levelling Up Fund.
The investment, announced in October's Budget and approved by Hull City Council’s Cabinet on Monday, will focus on supporting the regeneration of Whitefriargate and Albion Square.
Councillor Daren Hale, leader of Hull City Council and portfolio holder for economic investment and regeneration said: “We have never underestimated the need to invest and reimagine our high streets and city centre.
Read more: Apartment conversion given major backing to aid Hull's historic Old Town regeneration
“We all know how much the retail sector has struggled due to changes in shopping habits and the growth of online retail.
“In Hull, our historic city centre remains a priority, which is why we have continued to support regeneration and reimagination.
“Albion Square and Whitefriargate are the latest locations we have identified for investment, with various projects already completed and beginning to flourish. This £19.5 million will support the regeneration and the many businesses that have shown faith in our vision by investing in these areas.
“Hull City Council has a track record of delivering bold regeneration schemes, such as in the Old Town and on the marina, as well as supporting significant private investments, such as the recently completed Hammonds of Hull development.
“I have no doubt that Albion Square and Whitefriargate will be equally successful, as we work towards building a bold, exciting and modern city centre that we can all enjoy and be proud of.”
A total of £12.5 million from the Levelling Up Fund will be used to support the ongoing regeneration of Whitefriargate and its surrounding areas.
This will include the delivery of a multi-million pound modern cultural and educational hub. The site will feature modern digital technologies as part of a collaborative space that will support education and the arts.
The funding will also be used to create a new grant scheme to provide further support to bring unused floorspace back into use, ensuring that the benefits of the targeted investment in Whitefriargate and Albion Square are maximised across the city centre. Previous grant schemes in the Old Town have allowed various diverse businesses to open and operate, breathing new life into the area, the council said.
The new grant scheme will open in the next few weeks, with further information to follow.
A total of £7 million from the Levelling Up Fund will be used to support the £96 million Albion Square development. The large development in Hull city centre will feature a mixture of residential, office and retail space, as well as a large urban park.
Demolition of the site will begin imminently, with construction starting in 2023. The transformative project is set to be completed in 2026.
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