Caltongate: 'Projects would create new jobs across Capital'

Published on Monday 1 March 2010 08:41

THE news that the mothballed Caltongate project appears finally to be on the brink of revival is welcome, and is a further sign that the city may indeed be heading out of recession.

Last year, the Evening News revealed that developers were sitting on around 10 billion of investment cash waiting to kickstart projects in the Capital once times improved.

Along with Caltongate, this could mean work beginning on developments at sites such as Haymarket and the Morrison Street goods yard, the Waterfront, the Scottish and Newcastle site at Fountainbridge and, of course, the St James Centre.

If all, or even a few, of these projects were to go ahead, it would create thousands of new jobs and provide a massive boost to the city's economy.

It was also good to see Dave Anderson, head of city development, writing in this newspaper a few weeks ago, saying that he was confident significant progress would be made within the next five years.

The 300 million Caltongate project was key to the development of a previously under-utilised parcel of land in the Old Town. It would have breathed new life into the former New Street bus station site, providing a five-star hotel, shops, offices and more than 200 new homes.

It was a hammer blow when developers Mountgrange went into administration in March last year, leaving the scheme in tatters.

But with 20 per cent of property on the site still owned by the council and more than 73m owed to the former Bank of Scotland following the collapse of the company, there will be enthusiasm at the prospect of work finally getting under way.

Mountgrange partially blamed the fact it was in planning limbo for almost four years for the collapse of the original scheme. It was important that all affected had their say, and that happened.

Taking into account this lengthy consultation process – which involved close scrutiny by both the council and Scottish Government – it is to be hoped that unless there are radical departures from the previous plans, future permissions can be fast-tracked to avoid further delay.

Through dithering, one opportunity to transform this ugly gap site into a vibrant new community has already been lost.

If a firm commitment is given by a new developer to pick up the baton, the city cannot afford to lose such a gilt-edged opportunity – particularly at a time when it is in sore need of new investment which can only help breed confidence in other developers.