A new £61m funding model for a major regeneration project has been announced by Edinburgh Council and the Scottish Government.
The Regeneration Accelerator Model (RAM), developed in partnership with TIAA Henderson Real Estate, will offset public and private investment against business rates and economic gains.
The funding will help transform the St James Quarter as part of a wider £850m commercial development, which will eventually support 2,300 new jobs and add £25m to the Scottish economy every year.
Leader of the council, Cllr Andrew Burns, said: ‘The council has played a crucial role in securing this major investment for Edinburgh, from early discussions at MIPIM back in 2009 to recent work with the Scottish Government to develop this innovative funding model.
‘We are delighted that the new development will create over 2,300 new jobs for the Capital and that we are able to use this opportunity to train Edinburgh people with professional skills to develop long term employment prospects.’
Deputy first minister, Nicola Sturgeon, said new funding mechanisms such as RAMs will help increase public investment in infrastructure across the country.
