U and I Group PLC signed contracts with the Brighton & Hove City Council to redevelop the Preston Barracks brownfield site in Brighton, U.K., in a £300 million project.
The mixed-use project is part of the company's partnership with the University of Brighton, with the overall scheme aiming to deliver 369 homes, 1,338 student beds and more than 1,500 new jobs.
U and I's proposal for the project also includes a 50,000-square-foot innovation hub for start-up businesses and entrepreneurs that has secured £7.7 million in grant funding from Coast to Capital Local Enterprise Partnership.
The property developer, which specializes in regeneration projects, has also finalized deals with student accommodation provider Scape Student Living to deliver 534 student beds in the project.
The demolition of the buildings in the former army barracks is almost finished and the scheme is expected to be delivered by 2021.