John Early, the former executive chairman of Amec's development and construction business is aiming to create a £1bn development vehicle in two years in a JV with Chelsfield Partners.
Early and the investment fund, headed by Elliot Bernerd and Sir Stuart Lipton, will form Genr8, a Manchester-based vehicle.
The JV will focus on major urban regeneration projects around the UK, with Early claiming that the company is already evaluating 20 possibilities which have been offered to them through both the public procurement route, and off-market deals.
The proposed pipeline will operate with an emphasis on creating good quality developments that will provide long-term benefits rather than quick fixes.
Also partners in the company are Mike Smith, the former head of Amec's Leeds office, and Richard Ingham, former director at Amec's Salford Quays base.
After its sale to Morgan Sindall in summer 2007, Amec's development and construction business was renamed Muse Developments.