Kings Square £60m revamp signed by developer
Developers have signed a £60m deal with the city council to revamp a run-down part of Gloucester.
Stanhope plc will invest the money in Kings Square to build new 30 new shops, restaurants and a bus station.
Director Martyn Chase said: "It's really important it triggers off a process for this project to really happen."
The area will also be renamed Kings Quarter and the aim is to open to the public within five years.
The legal agreement signed between the two parties sets out the framework for the project, but is not a guarantee the revamp will take place.
"The deal leads us into design, planning permission, buying the land we need for the scheme, securing the retailers starting on site," added Mr Chase.
The company has also said there could be a new cinema for the Kings Square area which it believes would be sustainable - the old ABC cinema was shut and is now a pub.
Council leader Paul James has described the deal as "historic".
He added: "It officially commits all of us to working to make this development happen.
"It shows that Gloucester is continuing to buck the national trend as we attract inward investment of this magnitude."
The city has also had another £60m deal signed with the Peel Group at Gloucester Quays for a new leisure quarter for a gym, 10-screen cinema and restaurants.