£3m boost for Cambridge Park Street economy ‘will come too late for firms’
The owner of the Maypole pub in Cambridge believes a forecasted £3million a year boost to the city centre from the Park Street car park redevelopment may arrive too late to save some businesses from closing.
A report by Cambridge City Council claims that plans for a new apart-hotel and underground car park will bring the centre a £3m economic upsurge. However, the work to demolish the current car park and replace it with the new development will take five years to complete, putting nearby businesses under pressure to survive. The report by Savills shows Cambridge would benefit from an estimated £2.5m annual expenditure by the apart-hotel guests, while creating 40 full-time jobs.
But the owner of the Maypole, Vincent Castiglione, who recently urged customers to object to the development plans, says he believes the report, while fine in the long run, ignores the businesses which will be left facing closure while the work takes place.