Cardiff Council is looking to breathe new life into two historic and empty buildings in Cardiff Bay.
The red brick Merchant Place, with once served as a post office, and the adjoining Cory’s Buildings, opposite the Wales Millennium Centre, have both been empty and boarded up for more than a decade.
The council plans to buy the grade two listed buildings and will seek grant backing to support the cost of refurbishment and regeneration.
The Cory's Buildings was constructed in 1889 for Cory Brothers & Co whose business interests included chandlery, brokerage, colliery and wagon ownership and coal exporting.
Two years ago property developer Sky View Estates Ltd outlined plans to turn the Cory's Buildings into an apartment scheme.
That project had secured a multi-million-pound loan from the Development Bank of Wales and £1m from the council via the Welsh Government's Town Centre Loans Scheme.
Both loans have been repaid.
If a deal is struck the council would invite private developers to bring plans forward, which could see apartments, but also new office and retail space and a hotel too.
The council wouldn't disclose what it could be prepared to acquire the buildings for. Both building, with half an acre of land at the rear, extend to around 35,000 sq ft.
Cardiff Council’s cabinet will take a decision on purchasing the buildings next week.
Cabinet member for investment and development, Russell Goodway, said: “We’ve seen both of these important buildings lying empty for far too long now. They stand at the gateway to the inner harbour area opposite one of Wales’ most iconic buildings the Wales Millennium centre.
“The council has been approached by a number of potential development partners and we are therefore confident we will be able to fully recover our initial outlay in acquiring the buildings.
Our intention is to market the opportunity as soon as possible to attract a developer to inject pace into the completion of the project.”
“The buildings sit on the crossroads between the Inner Harbour and the Atlantic Wharf area, which will become the focus of our attention as we seek to bring forward the next phase regeneration of Cardiff Bay.
"We have an ambition to establish Cardiff Bay as a premier UK visitor destination, to attract more visitors to Cardiff and to provide jobs and opportunity for local people. Delivery of the new 15,000 capacity Indoor Arena is the start of these plans.”
