Squire Sanders has completed the first legal phase of the £450 million project to redevelop Paradise Circus in Birmingham city centre.
One of the largest regeneration projects in the UK, Birmingham City Council and Argent Group are jointly developing the 17-acre Paradise Circus site between Centenary Square and Chamberlain Square.
The completed scheme will house offices, shops leisure, cultural and civic amenities, a new hotel and concert hall.
Funding for the development involves investment from Argent, and a further £60 million enterprise zone funding, made available through the Greater Birmingham & Solihull Local Enterprise Partnership.
Paradise Circus is one of the first projects in England to make use of enhanced tax increment finance powers granted to local authorities in enterprise zones.
It will enable the city council to raise funds for necessary infrastructure works against additional business rates generated from the project.
Squire Sanders’ role has been to deal with the legal aspects of the project, working alongside the council’s legal team.
The team was led by real estate partner Anne O’Meara, and included Mark Simpson (tax), Richard Hunt (corporate), Monique Sutherland (real estate) and Graeme Bradley (construction).
Ms O’Meara said: “We are delighted to be acting on the project to transform Paradise Circus, a mandate which reflects the depth of our regeneration experience and also the firm’s unique expertise in enhanced tax increment finance.
“This project is hugely important to Birmingham, but it will also be seen as a trailblazing development in the UK, impacting on the way in which similar projects of this scale will be funded in the future.”