New 'creative zone' launched with £600K fund
North East Combined AuthorityA £600,000 fund has been announced which aims to attract investment in a city's creative industries and housing initiatives.
The North East Combined Authority (NECA) and Sunderland City Council have provided the cash to set up a Mayoral Creative Development Zone for the city.
The combined authority said that while the money would not be split to fund specific projects, it would "unlock and speed up" planned developments including, it is hoped, the next phase of the Crown Works film studios.
The £450m project faced a major setback earlier this year when one of its investors pulled out.
Announcing the funding, NECA said it would concentrate on projects including Crown Works, the Vaux housing development, the regeneration of Sheepfolds and various inner city schemes.
The authority said: "This initial funding will allow us to co-design a development programme and prepare a detailed three-year prospectus and business plan identifying and targeting public and private sector backers."
North East Mayor Kim McGuinness claimed the development zone would help "speed up the transformation of Sunderland", while council leader Michael Mordey added it will "accelerate the next stage" of Riverside Sunderland.
