Hammerson is looking to start a build-to-rent residential scheme at Highcross in Leicester’s city centre.
The developer is working with private-rented-sector specialist Packaged Living to develop the plans ahead of submission of a planning application early next year.
Mark Bourgeois, managing director UK and Ireland at Hammerson, said: “Today’s announcement is another example of the steps we are taking to manage the structural shift in retail whilst maintaining the vibrancy at our flagship destinations through a diversified offer and mix of uses.
“This exciting project will meet demand for rented accommodation in Leicester city centre and ensure Highcross remains an exciting destination for visitors, whilst supporting local businesses and boosting footfall.”
The development would see part of the former Debenhams department store at Highcross, transformed into homes for local people, while there are planned improvements to New Bond Street where the entrance will be located.
On completion, the scheme will provide over 300 new homes, as well as co-working space and a private dining room.
Residents will be minutes from the city’s amenities and public transport links.
The retail frontage onto the mall at Highcross will be retained and the space transformed into smaller space for retail and leisure brands.