The council is investing £12.9 million to revitalise the historic street between Kirkgate Market and the Victoria Gate development. A planning application is to be submitted next year, with work due to begin in 2019.
Proposals include replacing the outdated 1930s and 1980s buildings with a new apart-hotel and nine commercial units, helping boost visitor numbers and improving the flow for customers between the market and Victoria Gate.
Ground floor commercial units will have entrances on George Street and form connections through to the former Butchers Row. In addition, the apart-hotel will also link directly into the market as well as from George Street to encourage guests to visit Kirkgate during their stay in Leeds.
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The council's executive board have agreed to form a partnership with Town Centre Securities, which will see the local authority acquire a 50% ownership of the completed development.
Discussions with existing tenants who will be affected by the redevelopment have been taking place for a number of years and alternative arrangements have already been made with the majority, either to relocate elsewhere, potentially look to be part of the completed development or receive an appropriate level of compensation.
Cllr Richard Lewis said: "The redevelopment of the George Street area is a unique opportunity to enhance and revitalise an historic area of the city. We are at early stages of the proposals but we are keen to work with Town Centre Securities to create the right development for this part of the city.
"The existing buildings are outdated and out of proportion with the Grade I Listed market building and the Victoria Leeds development opposite, so by creating a building more in-keeping with its new surroundings, we can encourage new visitors and enhance business for our market traders."
Edward Ziff, Chairman and Chief executive at Town Centre Securities, said: "We are keen to work with the city council to continue the regeneration of this area of the city and build linkages with the adjacent Victoria Gate development. We believe the redevelopment of the George Street buildings will strengthen these linkages to the benefit of both."
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