Coventry is to get more than £90 million towards two landmark city centre schemes from the West Midlands Combined Authority (WMCA).
The authority has agreed to pump £51 million into Phase 1 of the Friargate development scheme next door to Coventry railway station.
The WMCA has also agreed to invest a further £39.4 million towards the £82 million cost of redeveloping the station.
Coventry railway station opened in 1962 and is now operating beyond passenger capacity.
The funding was agreed at a meeting of the WMCA board in Birmingham today (Friday March 9).
Mayor of the West Midlands Andy Street said: “It is fantastic news that the WMCA is to help fund two developments that are of huge importance for Coventry.
“Exciting schemes such as these are part of the reason why Coventry is a city on the up, especially with it winning UK City of Culture in 2021.
“The more we can do to stimulate economic growth in the region with schemes like this to create jobs and prosperity, the better for people living and working here.”
Cllr George Duggins, Leader of Coventry City Council, said: “I’m really pleased that we have secured this funding. Our station is the fastest growing outside London and we are keen to help ensure Friargate gets moving. This cash will help with this, so it’s great news.
”Coventry is a fine city at the very heart of the UK so we need to make sure that our transport links are fit for the future so we can continue to attract investment and create jobs for local people. And by investing in Friargate we hope to ensure that building gets underway soon.
“Coventry is changing all the time and these two projects are at the very heart of our plans and central to our ambition to ensure our city continues to flourish.”
The Friargate Masterplan is a mixed-use redevelopment scheme on 26 acres of land next to Coventry railway station that will provide a new business district for the city and create up to 15,000 jobs once complete.
Phase One comprises five office blocks and a hotel. The first office block in the scheme, One Friargate, is already complete and occupied by Coventry City Council.
The WMCA money will go towards further development of Phase One, a scheme comprising four office buildings and a hotel.
The Coventry Station Masterplan project will transform the current Grade-II listed railway station, which is virtually unchanged since it opened in 1962 and now operating beyond passenger capacity.
The scheme will see new infrastructure including a second station building, a 644 space multi-storey car park – 350 more spaces than the current car park – and a new footbridge connecting all platforms.
There will be a new platform to enable more frequent services between Coventry and Nuneaton, a six-bay bus interchange with provision for rail replacement services, and highway improvements to deal with traffic around the station and bus interchange.
Completion is scheduled for 2020 and the new-look station will be able to handle more train services.
This will include greater frequencies for Canley and Tile Hill stations as part of an increase in the number of services between Coventry and Birmingham from seven to nine trains an hour.
It will also enable additional services to be introduced between Coventry and Nuneaton.
Longer term it will potentially provide more direct services to the north east, including Leicester and Nottingham, and serve as a major gateway from Coventry to HS2.