Manchester city centre management company Cityco has been working with the city council's corporate and regeneration officers on plans to create a city centre business improvement district (BID).
The BID would be located in the retail core area of Manchester city centre and would be a specific area where businesses pay an additional charge on their premises which are then funnelled into new services and initiatives.
There are already several existing BIDs in the north west of England, including Bolton, Blackpool, Oldham, Preston and two in Liverpool.
The Manchester BID would focus primarily on retail and any new services and initiatives would be aimed at increasing the retail success in Manchester city centre.
The proposals have now been tabled, and any business within the potential BID now need to vote on the formation of the new body which, if approved, would run for five years from next April.
Cityco will present a full report detailing the planned BID at a meeting of Manchester City Council's cabinet next Wednesday.
The development will be good news for city centre estate agents, as a revitalised and vibrant retail scene will only make Manchester city centre properties more attractive to potential homeowners.
Manchester city centre will soon be feeling the benefits of a new major development on Deansgate, with city centre estate agents taking note of the possible knock-on benefits for properties in the area.
Plans to redevelop the former county court building on the site have been in place since 2000, and it is only now that construction work has now been slated to begin. Locally-based firm Tolent Construction will start work this month on the development, which will eventually comprise 14,000 square feet of retail and leisure units alongside 13,500 square feet of office space. Tolent said that it hopes to complete the project by next summer.
The Grade II-listed building was first erected in 1896 and was used as the centre of the county courts for many decades, until the beginning of this century. In 2002, there were reports that the Marriott Hotel group were planning to develop it as a Manchester city centre site, but the project eventually stalled. The site was bought by Henry Boot Developments in 2008 and has been working on the current plans ever since. It is believed that 70 per cent of the units in the forthcoming development have already been let.