Preston City Council stands firm on demand for Dryden Mill developer cash
The developer of a large apartment complex in Preston will have to help build affordable housing elsewhere in the city if the scheme proves profitable enough.Plans to create 469 flats on the former site of Dryden Mill, off Queen Street on the outskirts of the city centre, were approved just over two years ago.The usual demand for affordable housing in the blocks was waived by Preston City Council, but it said the developer should make a cash contribution to other schemes, depending on the level of profit. Developer Stoneygate Living tried to get the "financial obstacle" removed also, but the council has now said it would not be changing its position.
The development of two blocks up to 16 storeys tall is yet to begin, the Local Democracy Reporting Service (LDRS) said.The towers have been billed as being a "catalyst" for the regeneration of the area.But the council originally said 30% of the flats needed to be "affordable", which, the developer said, would mean the scheme would not be viable. It then said the demand for cash for housing elsewhere had created a "financial obstacle" to the apartment vision being realised - because it caused "uncertainty for investors".Documents lodged with the town hall stated it was "unlikely" that building work would begin within the next three years.
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