£275 Million Makeover: New Monaco.
Bristol Street is one of the busiest streets in Birmingham’s city centre, leading to the O2 Academy, past Gay Village and towards Birmingham Hippodrome. Unfortunately, one of the sights along it is a brick box, run-down and derelict and a real eyesore for the city’s commuters along the busy road. The Monaco House complex however is now set for a demolition, making way for a much more modern and elegant build for multi-use.
The Monaco House complex over the next few years will come to be known as New Monaco, evolving from one construction into its next generation. £275 million will be needed to complete everything planned for this redevelopment. The first step needed to be taken is to clear space for what comes next. Monaco House is to be demolished along with several other buildings still on site; these buildings include Nova Court, industrial units, a fuel station, a car park and workshop. Once these obstructions have been cleared, the building can begin.
Once again, people are taking notice about the increasing population inside our second city and the need to accommodate them. Residential buildings are going up all over the city, and the scheme revolving around the demolition of Monaco House is also taking this factor into account, promising new housing. There are said to be a planned 1,000 new apartments and town houses in the cleared area, as well as a private car park for residents. However, once the news homes have been built, they will open for rent only through the PRS (Private Rented Sector). These homes, collectively, will be one of the largest residential estates ever developed in the city centre.
As well as the new houses, there are to be some benefits for the public too. Ground floor shops will be open to everyone, possibly a supermarket included among them. There will also be commercial stores and public open space to keep the area’s makeover looking open and tidy. There are also rumours about a possible rooftop garden, restaurants, cafes and even a gym in the vicinity, though none of these have been finalised yet.
The workers behind the project are Regency Residential, and the application for this exciting development is due to be handed in within the coming weeks. If it stays on track, the whole thing should be finished by autumn 2021. We’re not sure if we can wait that long to see it!