The council has signed a deal with replacement developer Wavensmere Homes on the Canalside South scheme which will see 500 homes now built using traditional construction methods.

Wavensmere Homes’ plans are for 384 two-and three-bedroom townhouses and 140 one-and two-bedroom apartments alongside refurbishment of disused railway arches turning them into 7,000 sq ft of commercial space.

Glancy Nicholls Architects and RPS have been appointed to draw up the plans, which will be published for public consultation in early 2024.

James Dickens, Managing Director of Wavensmere Homes, said: “We are thrilled to be working with City of Wolverhampton Council and the Canal & River Trust to bring forward this transformational development project.

“Canalside South will be the catalyst for a new wave of ambitious city living, which is vital to see the Wolverhampton Pound spent locally. This scheme will open up a new walkway to the city core, reducing the previous walk time by 20 minutes and igniting investment into a commercial corridor.

“Our team has a strong history of regenerating vacant land in the Black Country, and we are ready to transform this site into a £150m landmark development that the whole region can be immensely proud of. 70% of our existing supply chain is embedded into the Black Country, and the construction programme will create more than 100 jobs for local people.

“We are delighted with the collaborative way all land partners and stakeholders are working at pace to deliver change and reanimate this strategic stretch of canalside land.”