The project will see up to 600 new homes built by September 2020 in the Lynnsport and Marsh Lane area. 300 of these homes will be for sale on the open market, with 200 earmarked for private rent and a further 100 allocated as affordable housing.
Councillor Alistair Beales, Cabinet Member for Regeneration, explained: "This is a major project for the area. We are working in partnership with Norfolk County Council and the Internal Drainage Board to bring forward a new access road and improved drainage which is all part of this exciting development.
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"It will help provide much needed accommodation in the town as well as helping to stimulate local economic activity both directly and indirectly. We also hope that it will help create jobs and encourage apprenticeships."
The scheme aims to stimulate housing growth in the area by bringing forward housing development on land owned by the council which would otherwise not be developed in the medium term, whilst also achieving a commercial return on the council's investment, helping the council to manage its financial position in the light of ongoing reductions in funding.
The appointment of Lovell as the preferred bidder is subject to approval by Full Council on 30 October.
(CD/JP)
