Apartments, and restaurants are provided on site.
The developer tasked with constructing apartment buildings on a former Toys R Us site says the looming June deadline will be “difficult” to meet.
Around six hundred rental apartments are planned for the former Southampton supermarket.
The land has remained untouched since 2018, apart from being used for donations to Ukraine in March 2022.
Packaged Living’s lease with the city broker specifies that several situations will need to be met through June 23.
The company cited inflation and chain problems as reasons for the setback.
He briefed his advisers on the issues and cabinet members are expected to be asked to approve adjustments to trade terms at a meeting on April 11.
According to the proposals, 4 high-rise buildings could be built on the site
Southampton City Council owns the land. Packaged Living acquired the lease right in May 2021.
The authority entered into a progression agreement with the corporate rental structure in December 2023.
The London-based company unveiled the terms when it negotiated a new extended lease with authorities.
If no adjustments are made to the terms, the progression contract will expire in June.
Image Source, Packaged Life
An artist’s impression of the Maritime Gate proposal has been published
The proposed rental apartments in Western Esplanade, Southampton, also feature cafes, department stores and a building.
It is a component of the council’s Mayflower district, which involves a long-term redevelopment of the land between Central Station and the waterfront.
Toys R Us’ 100 retail stores closed in the UK in 2018 after the company went bankrupt.
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