Park Street apart-hotel plan will bring £3m boost, report says
Cambridge City Council claim reports show that plans for a new apart-hotel and underground car park will bring a £3m boost to the city centre.
The proposal would see the Park Street car park – built in the 1960s – demolished, with a new underground car park and apart-hotel built in its place.
The authority claims that an independent report by Savills shows an estimated £2.5m annual expenditure by the apart-hotel guests, "principally benefitting nearby leisure-related business" while creating 40 full-time jobs.
Another report, by the developers Marick Real Estate, claims the apart-hotel will spend £0.5m on "local goods and services".
The council confirmed the scale of the development will impact neighbours.
It said: "Some businesses in the area immediately surrounding the Park Street site may experience some displacement. However, this will be offset by the ultimate economic benefits of the redevelopment, and by the potential daily spending in the area of around 100 construction workers."
Fiona Bryant, Strategic Director at Cambridge City Council, said: "As the report by Savills demonstrates, the new aparthotel and underground car and cycle park will ultimately bring significant economic benefits to businesses nearby and in the wider city centre.
"We acknowledge that during the construction period some local businesses may be affected, but by holding regular meetings with businesses and their representatives we will continue to address their concerns and work closely with them to find solutions to help mitigate the issues and minimise disruption."
A presentation on the reports will go to the Park Street Liaison Group, made up of nearby residents, businesses and organisations. on Monday (August 5).
The Maypole pub, which has been a prominent voice of opposition to the plan, is not part of that group, but speaking in an interview unrelated to the reports and prior to their publication, the owners said their concerns seem to be being listened to.
Pub landlord Vincent Castiglione, said: "We are in negotiations and the council are attempting to see things more from our point of view and make the situation more workable for us.
"It's a complex situation and they are trying to make it workable.
"We accept there has to be development there – it's just how they do it.
"We always said we would listen, and we hope we can come to an agreement."
Marcus Boret, Director of Marick Real Estate, said: "Work on the site will get under way as soon as possible, subject to planning permission, neighbourly engagement and once pre-commencement planning conditions have been discharged and other consents are in place."
The latest version of the plans, released earlier this year, show the apart-hotel would offer 229 rooms.
Parking provision would drop from the current 390 spaces to 225 spaces, with cycling provision increasing from 249 spaces to 280.
The car park will host electric vehicles charging – 22 "active rapid charge" and four medium charge facilities.