Carlisle-based Story Group has been selected to develop the £120m mixed-use Marina Village in Barrow-in-Furness by West Lakes Renaissance, the urban regeneration company for Furness and West Cumbria, together with Barrow council.
The scheme will contain 650 residential units, a 350-berth marina, retail/leisure and a sports ground on 90 acres of redundant dockland.
Bob Pointing, chief executive of West Lakes Renaissance, said: "This is an important milestone in realising our vision for a new sustainable community on Barrow's dockland. Marina Village is the jewel in the crown of the town's regeneration and is set to become a striking symbol of Barrow's future.
"There is still a lot of hard work to be carried out to ensure this major development delivers real economic benefit to the area. With Barrow's economy very much on the up thanks primarily to investment in the town's world-class naval industry, we remain confident this vision will become reality. It is also satisfying that we will be working with a Cumbrian developer with a good understanding of the needs of Barrow."
Cllr Jack Richardson, leader of Barrow council, said: "Marina Village is a fantastic opportunity to set a new direction for the future of the town, and I am delighted we are continuing to make steady progress on its development, especially against the backdrop of the current economic situation."
Fred Story, chief executive of Story Group, which includes rail and construction businesses as well as Story Land and Story Homes, said: "As a proud Cumbrian, it gives me tremendous pleasure for Story Group to be involved in such an ambitious and significant development, which we believe will change the face of Furness.
"Story recognise Barrow as a great place to be involved in at this point in time and we are delighted that a Cumbrian company has provided the best choice from all the potential developers to fulfil the key component – Marina Village. Story has a track record of delivering successful projects and we are both determined and confident the plans will become a reality."
Negotiations will now begin to draw up a development agreement between all parties in advance of a planning application. The Marina Village development is expected to take around 10 years to complete.