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  1. ITV Report

Tees Valley masterplan 'not a pie in the sky wish list'

Part of the site to be developed. Credit: ITV News

A draft masterplan for the economic development of the Tees Valley has been unveiled by the South Tees Development Corporation (STDC) at a special event in Redcar.

The 25-year plan sets out the STDC’s regeneration goals for the area.

A 4,500 acre site, which includes the former SSI steelworks, will be dedicated to industrial related employment

Once fully developed the vision would see 20,000 jobs created and add an additional £1b per year to the local economy.

250 local business and political leaders among those attending today's launch. Credit: ITV News

Tees Valley Mayor Ben Houchen heralded the beginning of a new era of economic development in Tees Valley, as he joined more than 250 regional business and political leaders to launch the masterplan.

Credit: STDC

"This is the single greatest Development opportunity in the UK right now. The vision of the Development Corporation will see the area completely transformed into a hotbed of new industry with sustained economic growth and prosperity for the region.

“Covering more than 4,500 acres and home to the deepest port on the East coast, it has already attracted significant interest from investors across the globe. The opportunity alone stands to create 20,000 new jobs in skilled sectors with good salaries and is heavily focussed on the area’s key priorities in manufacturing and advanced technologies.

“The draft masterpan isn’t a pie in the sky wish list; we’ve based it all on genuine investor interest.

“Whilst this is a 25-year vision, we are all working flat out with investors and I am confident we will be making some very significant announcements in the next year; it’s a very exciting time for our region.”

– Tees Valley Mayor, Ben Houchen

A Master Plan consultation will tour Tees Valley with outline diagrams of how the site will be developed.

The board in charge of the plans has already received around 60 enquiries from around the world, according to the South Tees Development Corporation, and has a number of commercial proposals to evaluate.

Credit: STDC

“The overnight closure of SSI in October 2015 was devastating for our local communities. We must now look forward and ensure the site is developed to its full potential so that well paid skilled jobs are available for local people.

"I urge residents and businesses to engage with the consultation exercise and let us know what you think to our plans. This is a huge opportunity for us all.”

– Cllr Sue Jeffrey, Leader, Redcar and Cleveland Borough Council