Park Street Car Park could become a hotel and a 225-space underground car and cycle park
A report is recommending the car park become a hotel or aparthotel, and the car park reduce in size by 60 per cent.
The council has been considering what to do with the multi-storey car park for over a year, as the structure is reportedly nearing the end of its life.
A report by Cambridge Investment Partnership, which is half owned by the council and half by Hill Investment Partnerships, is recommending the site become a hotel.
The report says a hotel would be the most beneficial use of the site for the city and residents, more so than building student accommodation, offices or flats.
Cllr Lewis Herbert, leader of the council, said: “This proposal to develop a new hotel and an underground car and large, secure cycle park at Park Street offers, subject to completing negotiations, an excellent deal for the city and solution for the site.
“It will also add a long-term economic boost for the area north of the historic city core.
“The development will provide an upgraded council car and cycle park in a location on the northern edge of the historic core city that is essential to serve people arriving from the north and west, and which replaces a building past its sell-by date.
“The reduction to 60 per cent of current car capacity also meshes with plans to switch thousands more future journeys to public transport and improve local air quality.
“An aparthotel will also increase the diversity of visitor accommodation in the city to ensure the city can increase the length of stays and local benefit gained compared to one day tourism.
“In addition, we are determined to use receipts from the development to help us in building our target of 500 new affordable rent council homes that we are committed to providing in the next five years.
“Throughout the redevelopment process we will establish a local Liaison Committee and work closely with local residents and businesses to ensure disruption is kept to a minimum, and to plan alternate car parking during the build.”
Last November councillors approved a rolling programme of refurbishments for Park Street Car Park, to be carried out while further plans for the possible long term redevelopment of the site were investigated, resulting in this report.
Since then the Cambridge Investment Partnership (CIP) has been reviewing options for the site, including commercially viable options for the site.
A report going to the council’s Strategy and Resources Scrutiny Committee on March 19 recommends developing an aparthotel over a basement car park to provide 225 car parking spaces (circa 40 per cent fewer than the current 390 spaces), plus cycle parking, facilities for electric vehicle charging and with the intention of including associated toilets and a Changing Places facility.
The council would retain the freehold of the site and would own and manage the new car and cycle park.