£36.2m Government Loan Gives i360 Green Light – Milan Builders
- May 16, 2014
- Posted by: Lance Buchanan
- Category: Construction News, New Builds, News
Construction for the greatly anticipated i360 viewing tower is expected to get underway in Brighton this summer after a £36.2m government loan was agreed upon. A government funding agency known as the Public Works Loans Board (PWLB) who make loans available to major building projects will be behind the cash injection. The PWLB loan will enable the project to start as early as June this year meaning that the attraction could open in the summer 2016. The project is expected to generate the council over £21m in interest payments and fees; such investment could be punched into crucial infrastructure in desperate need of repairs such as the frontline defence against the unforgiving seas, the seafront arches and retaining walls – a repair bill estimated in the region of an unfriendly £70million.
Many believe that the towers predicted cost of £46.2m is too expensive and will do nothing but economical damage to the city of Brighton and Hove. But in reality, working primarily as a viewing platform throughout the day and a trendy bar during the night the iconic i360 is expected to boost visitors to the city from 165,000 to 305,000 adding between £13m and £25m to the local economy annually. Moreover, it is estimated that the project would create somewhere between 170-400 spin-off jobs and bring higher spenders to the city in the form of an estimated 50,000 overnight visitors every year to support local hotels and restaurants.
Providing work begins on time, the i360 is expected to open in June 2016.