Greater Manchester Government Commits Massive Funding to Urban Regeneration Catalyzed by Record-Breaking Stadium Project.
Manchester United‘s ambitious plan to build a new Old Trafford—set to become the largest stadium in the UK—has received a significant public endorsement with the launch of the £1 Billion ($1.31 Billion) ‘GM Good Growth Fund’.
This fund is designed to pioneer a new model of economic growth across the entire city region, placing the stadium at the core of a massive urban overhaul.
Trafford is one of the ten boroughs in Greater Manchester, and the local government is keen to maintain the region’s success, which has recently been recognized as the “fastest growing part of the UK economy.”
The Stadium as an ‘Economic Engine’: How Manchester is Reshaping the City’s Future
Mayor Andy Burnham has articulated a bold vision for Manchester to develop into a “second city to rival any other on the planet by 2050,” challenging global metropolises like New York, Sydney, and Dubai.
The wider Old Trafford area, encompassing vast land around the stadium site, is ripe for urban regeneration.
Driving forward the “Old Trafford Regeneration project” is considered a “priority scheme” within the government’s integrated development pipeline, signaling that Greater Manchester government fully recognizes and supports the immense benefit of a new Old Trafford stadium and its associated regional uplift.
The region’s economy is projected to add £38 billion to the UK’s national finances over the next decade.
The first £400 million wave of investment aims to create nearly 3,000 new homes, over 22,000 jobs, and two million square feet of employment space.
The proposed 100,000-capacity stadium will anchor this local regeneration, which includes plans for 15,000 new homes and the creation of a premier “leisure and business destination.”
While the stadium itself, estimated as a £2 billion project, will be privately funded, it serves as the powerful catalyst for other major community and urban redevelopment in the locality.
