A prominent city centre development where work stopped over 18 months ago after its parent company fell into administration has been bought - with its new owners promising the "first major eco-residential development in Liverpool".
Nexus Residential and Legacie Developments have acquired the scheme formerly known as 'The Rise' on Low Hill from administrators, after previous owner Primesite Developments stopped work there in May 2019.
The firm had been building hundreds of flats on the site where the Gregsons Well pub once stood.
But 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.
