A well-known Liverpool development project that collapsed into administration earlier this year has been saved - and is now hoped to become the city's most eco-friendly place to live.
The Rise on Low Hill has been bought from administrators by Nexus Residential and Legacie Developments - and they will now transform it into a 450-home eco-residential site.
Primesite Developments had been buildings hundreds of flats on the site where the Gregsons Well pub once stood - but work on the scheme stopped over 18 months ago, in May 2019.
On Tuesday, Nexus and Legacie revealed their new vision for the site - to be renamed 'Element The Quarter'.
The two firms said it will comprise 450 studio, one and two-bedroom apartments as part of a £40m investment.
Julian Ramsden, director at Nexus Residential, said: “We are excited to announce plans for Element The Quarter, which is a joint venture between Nexus Residential and Legacie Developments.
"Together, we have successfully delivered on a number of other residential projects and are confident of delivering a quality residential development here that the entire city can be proud of."
According to the two firms, the eco-development will feature low-carbon smart technologies including energy-efficient LED lighting, mechanical ventilation heat recovery systems and solar panels.
There will also be a rainwater recycling system, an air-sourced heat pump and a central building management server.
Nexus and Legacie said it would become "the most eco-friendly place to live in Liverpool".
Legacie’s construction arm, Legacie Contracts, has previously developed a number of eco-friendly buildings including Hilton Hotels, and will lead the work on the new site.
Today, architects Falconer Chester Hall released CGI images of how the scheme will look.
Work on 'Element The Quarter' is set to start in April next year and is expected to be completed by summer 2023.
Ms Ramsden added: "Element will be special because we are putting significant investment into creating Liverpool’s first major eco-friendly residential development.
"It will provide quality new homes and regenerate a key area on one of the key gateways into the city centre. This is positive news for Liverpool and we’re looking forward to getting on site early next year.”
Earlier this year, investors in Primesite's original 'The Rise' told BusinessLive they feared their life savings would be lost after the firm behind the scheme collapsed into administration.
