We are all now well aware of the new shopping and residential development on the site of the former St James Centre. Leith Street is closed to all except pedestrians, cyclists and emergency services while major infrastructure works progress over the next 10 months.
TH Real Estate, alongside main contractor Laing O’Rourke, announced new investment figures today. To date, the 1.7m sq ft scheme has sourced £24 million of construction value locally – from within 100 miles of the project.
In addition to this, from just over 1,000 people inducted on site since demolition began, 78 per cent have been employed from the local area, ensuring that employment opportunities have been delivered for local people. Upon completion, Edinburgh St James is anticipated to deliver over 3,000 new full time jobs in a variety of sectors, further supporting the city’s job market.
Martin Perry, Director of Development, TH Real Estate, said: “We are delighted with the substantial demolition progress already made on site and the significant positive economic contribution the scheme is making to the city, even at a relatively early stage of the development.
“These new figures are a real testament to this, and our ongoing commitment to put Edinburgh first, from construction through to the operation of the completed scheme in 2020.”
Ms Davidson said: “Edinburgh St James is going to transform the centre of the Capital. The shops, restaurants, hotel and apartments will provide a renewed focus for the centre, and I was pleased to see the progress being made and the quality of work being carried out. This is a huge investment in our city.”
The development is being paid for with an innovative funding agreement between the City of Edinburgh Council, Scottish Government and TIAA Henderson Real Estate (TH Real Estate).
Referred to as the ‘Regeneration Accelerator Model’ (RAM), the mechanism will enable a combination of public and private sector investment in local infrastructure and public space that can then be offset by business rates and overall gains to the economy.
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