Developers Nexus Residential and Legacie Developments will invest £40m to complete the scheme after acquiring the site for an undisclosed sum following the collapse of the project’s previous developer, Primesite, in 2019.
The joint venture has revealed plans to complete the development, on the corner of Low Hill Street and West Derby Street close to Liverpool’s Knowledge Quarter, delivering 450 studio, one- and two-bedroom apartments by 2023.
Legacie Projects, Legacie’s construction arm, will start on site in April.
Legacie and Nexus have renamed the development Element the Quarter and claim it will be “the first major eco-residential development in Liverpool”.
Under refreshed proposals drawn up by architect Falconer Chester Hall, the development will feature low-carbon smart technologies including energy efficient LED lighting, shower save system, mechanical ventilation heat recovery, a rainwater recycling system, and solar panels.
Julian Ramsden, director at Nexus Residential, said: “Together, Nexus and Legacie have successfully delivered on a number of other projects and are confident of delivering a quality residential development here that the entire city can be proud of.”
The project was originally designed by architect Brock Carmichael and featured 146 student flats and 286 apartments.
Create Construction was appointed to build the scheme but was replaced in January 2019 by CPUK before work halted due to the collapse of Primesite later that year.
Earlier this year, CPUK appointed administrators, citing delays on The Rise as a contributing factor to its demise. At the time of Primsite’s collapse, CPUK had carried out around £7m worth of work on the scheme, according to a report from the contractor’s administrator Duff & Phelps.