Who is behind the potential redevelopment?

A significant part of the land within Paradise Circus is owned or controlled by Birmingham City Council and nationally renowned developer, Argent. An Exclusivity Agreement signed in February 2009 to prepare the way for the proposals has recently been extended. If all goes well, this will lead to a future land owning Joint Venture agreement by the end of 2012.

Argent is working alongside Altitude Real Estate LLP to bring forward the redevelopment plans for Paradise Circus.

What does the exclusivity agreement mean?

The exclusivity agreement binds the City Council and Argent to agree to negotiate solely with each other and not involve other parties. The agreement has enabled Argent to commit funds to explore the redevelopment opportunities of the site, prior to entering into a landowner Joint Venture agreement for the redevelopment.

What is a Joint Venture?

A joint venture is an association of firms or organisations formed to undertake a specific business project - in this case the redevelopment of their joint land ownership in Paradise Circus.

Outline Timetable: