Council agrees £15m loan for Brighton's i360 tower attraction
Image: The new i360 tower overlooking Brighton
Marks Barfield's plans for a new 175m (574ft) tower attraction in Brighton, UK, have been given a boost after a £15m (US$23m, EUR19m) loan was agreed by the local authority.
Brighton and Hove City Council's decision comes after a two-month risk assessment of the loan plan, with the funding to be borrowed under principles laid down in localism.
The loan will come from external funders and will be lent on for the sole purpose of driving forward the i360 project, which is expected to provide a boost to the local economy.
Council leader Jason Kitcat said: "This is a hugely exciting project and a great opportunity which will reap benefits for the immediate area and the city as a whole.
"We feel this is a tremendous leap forward because it uses external funding to provide a huge boost to our economy and create hundreds of jobs for local people."
Marks Barfield, which was behind the construction of the London Eye, has secured funding worth £20m (US$31m, EUR25.5m) towards the development of the proposed i360.
A £3m loan (US$4.7m, EUR3.8m) from the Coast to Capital Local Enterprise Partnership completes the £38m (US$59m, EUR48m) package required to deliver the new attraction.
Construction work had initially commenced in late 2008 and it is thought that up to 800,000 tourists will visit the tower a year, worth more than £5m (US$7.8m, EUR6.4m) to the city.
The local authority is also expected to receive 1 per cent of ticket revenues and interest on its loan, which will be repaid over 12 years using i360 profits generated by the developer.
Details: www.brighton-hove.gov.uk
Details: www.brightoni360.co.uk
UAE’s first Dior Spa debuts in Dubai at Dorchester Collection’s newest hotel, The Lana
Europe's premier Evian Spa unveiled at Hôtel Royal in France
Clinique La Prairie unveils health resort in China after two-year project
GoCo Health Innovation City in Sweden plans to lead the world in delivering wellness and new science
Four Seasons announces luxury wellness resort and residences at Amaala
Aman sister brand Janu debuts in Tokyo with four-floor urban wellness retreat
€38m geothermal spa and leisure centre to revitalise Croatian city of Bjelovar
Two Santani eco-friendly wellness resorts coming to Oman, partnered with Omran Group
Kerzner shows confidence in its Siro wellness hotel concept, revealing plans to open 100
Ritz-Carlton, Portland unveils skyline spa inspired by unfolding petals of a rose
Rogers Stirk Harbour & Partners are just one of the names behind The Emory hotel London and Surrenne private members club
Peninsula Hot Springs unveils AUS$11.7m sister site in Australian outback
IWBI creates WELL for residential programme to inspire healthy living environments
Conrad Orlando unveils water-inspired spa oasis amid billion-dollar Evermore Resort complex
Studio A+ realises striking urban hot springs retreat in China's Shanxi Province
Populous reveals plans for major e-sports arena in Saudi Arabia
Wake The Tiger launches new 1,000sq m expansion
Othership CEO envisions its urban bathhouses in every city in North America
Merlin teams up with Hasbro and Lego to create Peppa Pig experiences
SHA Wellness unveils highly-anticipated Mexico outpost
One&Only One Za’abeel opens in Dubai featuring striking design by Nikken Sekkei
Luxury spa hotel, Calcot Manor, creates new Grain Store health club
'World's largest' indoor ski centre by 10 Design slated to open in 2025
Murrayshall Country Estate awarded planning permission for multi-million-pound spa and leisure centre
Aman's Janu hotel by Pelli Clarke & Partners will have 4,000sq m of wellness space
Therme Group confirms Incheon Golden Harbor location for South Korean wellbeing resort
Universal Studios eyes the UK for first European resort
King of Bhutan unveils masterplan for Mindfulness City, designed by BIG, Arup and Cistri
Rural locations are the next frontier for expansion for the health club sector
Tonik Associates designs new suburban model for high-end Third Space health and wellness club
Early-onset MS inspired Adria Lake to explore resilience as both a healing modality and an approach to design in the creation of her new home and company headquarters in Colorado