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The landmark scheme will see Keepmoat refurbish 1,245 properties, create 388 new homes and make environmental improvements to the Holbeck, Beeston Hill and Little London areas of the city.
The tender awarded by Leeds City Council and Sustainable Communities for Leeds (sc4L) will create 250 new skilled jobs and boost the building construction industry.
Sc4L was named a preferred bidder back in 2010, but the work funded through a Private Finance Initiative was delayed during the recession. With funding from a recently completed public bond issue now in place, survey teams are expected on site within the next few days and work is due to start in September.
Nick Ash, Regeneration Director at Keepmoat, said: “This scheme will make a huge difference to residents and communities in Leeds.
“As well as transforming large swathes of the inner city, this scheme is economically important for Leeds. It will create hundreds of skilled jobs, as well as giving local young people the chance to do apprenticeships and work experience.”
Keepmoat has been awarded the £145 million construction contract over the next three and a half years and a further £53 million in maintenance and repair contracts over the next 20 years.
Dave Sheridan, Chief Executive of Keepmoat, said: “This contract win is an endorsement of our exceptional track record in successfully transforming communities. As one of Britain’s foremost experts in community regeneration, Keepmoat has proven it can deliver quality and value for money no matter how large or small the scheme.
“We are currently working on a number of other PFI contracts across the UK as we pursue our commitments to improve British communities and deliver regeneration that works.”
Councillor Peter Gruen, Leeds City Council executive member for housing, said: “I am very pleased that we can finally kick-start the project for these communities, who have waited a long time. I want to thank the residents for their continued patience, now is the time to finally deliver results!
“The project brings about a massive regeneration programme for this part of inner city Leeds, along with a boost to employment and the local community.”
Naz Parkar, Head of Area at the Homes and Communities Agency, said: “This is fantastic news for the communities of Little London, Beeston Hill and Holbeck who will now see their homes refurbished and a further 400 new homes built.”