More than 6500 jobs will be created and around £360 million per year will be generated after the Glasgow City Region councils approved revised plans for the Ravenscraig Infrastructure Access (RIA) project.
Improved transport connectivity and road infrastructure at Ravenscraig and the surrounding area moved a step closer after North Lanarkshire Council approved an extra £29.7m of investment and the Glasgow City Region cabinet allowed City Deal funding to be reprioritised for the project.
City Deal funding will now be focussed on the RIA project as part of the wider Pan Lanarkshire Orbital Corridor, which will see new and upgraded roads from the M74 at Motherwell, through Ravenscraig to the M8 at Eurocentral, and onward past Airdrie on a new link road to the A73 south of Cumbernauld.
Ravenscraig Ltd’s new masterplan will be considered by the council in the coming weeks.
It includes plans for 3000 houses, 19,000m² of office space, 63,000m² of industrial space, 30,000m² of retail space, five primary schools and associated nursery provision, extension to the Ravenscraig Regional Sports Facility, and a new seven hectare urban park.
Councillor Paul Kelly, depute leader of the council, said: “The regeneration of Ravenscraig is of major strategic and economic importance to North Lanarkshire and the wider area.
“The £201m Pan-Lanarkshire Orbital project represents the biggest single roads and infrastructure investment in North Lanarkshire’s history, and our focus must be on those projects that will attract investment to the area and be of the greatest economic benefit to our communities.
“Channelling our resources into creating a first-class infrastructure at Ravenscraig will bolster future investment from the private sector to create homes, businesses and job opportunities – potentially creating 6500 jobs and generating £360m in Gross Value Added (GVA) for the local economy.
“It’s vital that we focus on those projects that offer the best return on investment for our communities, our economy and for the future of North Lanarkshire.”
The SNP Group at North Lanarkshire Council also welcomed the move.
A spokesperson said: “The SNP Group welcomes the expansion news on Ravenscraig, proposals like this can be very beneficial and help to make the North Lanarkshire economy highly competitive.
“This is partly funded by £500m investment from the Scottish Government. In addition, over recent years, the Scottish Government has invested millions of punds in infrastructure projects, such as widening the M74.
“These investments cut travel times, build infrastructure and make use of land that has been overlooked for far too long.
“This collaborative working with national and local governments will ensure that North Lanarkshire continues to thrive under the ambitious spending priorities that all politicians can agree on.”
The council’s decision to prioritise the City Deal projects means realigning resources within the other City Deal projects in North Lanarkshire.
These projects currently include: the A80 Link Road, Cardowan to Lochend Link Road, Gartsherrie Link Road, Gartcosh Station Park and Ride, and the M80 Corridor Park and Ride.