The amended scheme will see the demolition of the Church Walk blocks and the provision of a new foodstore, retail space and public library, with the Council working alongside existing developer Henry Boot Developments plc.
The economic downturn has had a major impact on commercial developments throughout the UK and inevitably affected the original Denny Town Centre project forcing the Council to look at the options available to secure progress. Following detailed legal, financial and technical examinations, the Council has concluded that proceeding on an amended basis with Henry Boot is the most viable solution.
Councillor Craig Martin, Leader of the Council, said: "The Council has always recognised the urgent need to regenerate Denny Town Centre and understands the community's concerns but the recession inevitably had an impact on our original proposals.
"Strenuous efforts have been made to find appropriate approaches to allow this important project to be progressed and I am confident that we have secured the best possible solution for Denny in the current climate."
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The proposal to seek to pursue the scheme on an amended basis was approved following detailed consideration of various options. It would include a foodstore, retail space and a new public library and realise the original ambition for a complete regeneration of Denny Town Centre, while reducing costs in some areas, such as design and infrastructure work, and by removing some housing and office provision from the scheme. The revised scheme reflects current market conditions and involves a reduced scale of profit for the developer.
The timescale for the development is likely to be six years but the Council has set aside funds to acquire and demolish properties in the Church Walk block on Duke Street during 2010-2012.
Councillor Martin said: "We appreciate that for the Denny Community the demolition of Church Walk will be the most powerful symbol of the town centre's regeneration and securing this was a priority for the Council."
Currently the blocks are regularly inspected and essential repairs are carried out to make sure that they meet health and safety regulations and this will continue until they are demolished.
Councillor Martin said: "The regeneration of Denny Town Centre is a key Council priority and it's disappointing that the delivery of the original masterplan has been affected by the economic recession. This has been a frustrating time for the local community and we would thank them for their patience, however we are pleased that we now have a solution which will allow the project to move forward and will provide more detailed information to the community at an early date."
The Council considered other options before making its decision, including awaiting market improvements, refurbishment of the Church Walk blocks or a partial refurbishment which would remove the upper floors. These options were discounted on account of their cost or risk to the Council.
(GK)
