Funding strategy for £125m Eden Project North firmed up
The developer behind the Morecambe scheme will bid for £50m from the government’s Levelling Up Fund and put £70m of private funding towards developing the project, having already secured £5m from partners.
Earlier this year, Lancaster City Council unanimously approved the application for the £125m Eden Project North, which would turn an 11-acre seafront site into a family-friendly, eco-destination that showcases the relationships between animals, humans, plants and the environment.
It is anticipated that Eden Project International’s development could attract 760,000 additional visitors to Morecambe annually and act as a catalyst for the town’s wider regeneration.
Eden Project International was initially hopeful the majority of the funding for the project would come from the government. The developer submitted a 140-page business case seeking £70m to fund the scheme but was unsuccessful.
The company is now preparing a bid of £50m to the government’s Levelling Up Fund, the maximum amount that can be requested through that initiative.
A spokesperson from Eden Project International said: “As a nationally-significant, large-scale cultural bid, the Eden Project will be applying for the maximum grant available from the second round of the Levelling Up Fund for Eden Project North.”
“The government has indicated to us that the Levelling Up Fund is our best path to securing public investment and we are not currently pursuing any other options for Eden Project North funding in the public sector.”
Eden Project North, Lancaster City Council, the Lancashire Enterprise Partnership, Lancashire County Council and Lancaster University, have collectively contributed around £5m to the development of Eden Project North.
The remaining £70m needed for the project will come from “already-identified private and philanthropic funding sources” the spokesperson added.
This development will be transformative for Morcambe, and a major boost for the northwest economy, hope it happens. Good luck with the bid.
By Simon
Eden North is so important for our town. Morecambe for the first time would have its own unique identity. For years we have lived in the shadow of Blackpool, The Lake’s, & yes even Lancaster, a historic city stuffed with interesting buildings plus a great castle. I’m sure Eden will change all that & put us firmly on the tourist map. David Morris needs to push our case where it matters in Westminster, we can do little more.
By Barry Wright