Boom Residential development put on hold

January 2009

John Holmes, CEO of Hull Forward, commented: "The current financial market is proving to be a testing time which has unfortunately affected a number of developments across the country. In-line with these widespread difficulties and the weakening conditions of the residential market, Pure Urban, the consortium of local developers working on The Boom, the residential-led development planned on the East Bank of the River Hull, has decided to postpone work on the scheme at this current time."

He added: "Works to the adjacent 136-bed hotel and multi-storey car park will not be affected and is on track to complete early 2009. Pure Urban are currently in discussions with public sector partners which includes ourselves as the Economic Development Company for Hull (EDC), the newly formed Homes & Communities Agency (previously English Partnerships)  Yorkshire Forward, the Regional Development Agency (RDA) and Hull City Council, who are all committed to moving the scheme forward as soon as possible."

"Similarly, timescales for the new landmark footbridge over the River Hull, which will provide an essential link between the city centre and the waterfront, will not be affected and will continue as planned for completion in late 2009. As well as being an attraction in its own right, the footbridge will connect the hotel and the city's popular tourist attraction, The Deep, into the city centre and is essential to support any future regeneration and investment on the East Bank."

A Pure Urban spokesperson said: "We are very disappointed that we have had to take the decision to postpone the start of the residential and commercial element of The Boom, but after careful consideration of the funding arrangements, the downturn in the residential market and the deteriorating economic outlook we were left with no alternative. We are currently in discussions with our public sector partners about how to best bring forward this phase of the development when market conditions improve."

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