Piccadilly Partnership is to join forces with Cityco, the council's city centre management company, to share resources and objectives to improve the Piccadilly area of the city centre.
Richard Lewis, incoming chairman of the Piccadilly Partnership and group property director of Town Centre Securities, developer of Piccadilly Basin, said: "In many ways it's just business as usual, but we also see this as the opportunity to take the partnership to the next stage in what will be continuing challenging times.
"Although we will retain our own identity with our own chair and board, we'll be able to tap into the resources that Cityco can offer and avoid any duplication. Piccadilly Partnership has achieved a great deal in the last three years. Together, we have prepared the ground for around £1.2bn of new investment in the area's transport facilities, public realm, buildings and land use. We are now ready to take the partnership to the next level and further increase the value to our members."
Lewis added: "Current chief executive Janet Dunnett will be leaving Piccadilly Partnership in April and we thank her for two years of hard work. Janet has made a significant contribution in a very short space of time, and has done a tremendous amount to promote Piccadilly widely throughout the region as a destination for both businesses and consumers. We wish her well for the future."
Rowena Burns, chairman of Cityco added: "The major changes that have taken place in Piccadilly over the last few years would not have been possible without the public and private sectors working together in such an innovative and forward-thinking way. The partnership will continue to champion the area and set a clear strategic direction in order to enable project delivery. Cityco's role will be to support the organisation, enabling it to build on its successes and help it achieve even greater goals in the future."
Piccadilly Partnership is drafting a priorities plan which will be unveiled in the spring. The plan will focus on public realm, cleansing, maintenance, policing and safety and events.