Earlier this year Crest Nicholson withdrew plans for a multi-million-pound development in Brighton that was set to deliver a new leisure centre and 565 seafront homes. The council have been in talks with developers over the King Alfred site since 2005, with multiple proposals falling through. But now a new plan has been put forward by Hugh Dennis, founder of not-for-profit developer Little Ships.
Dennis believes that the not-for-profit nature of his business is crucial in delivering the site because "things always go wrong when you dig up a site, you always need to have a safety buffer of money for contingency plans.
“But for-profit companies need to deliver a lot of money to their shareholders, typically a fifth of the worth of the project, so they can’t account for much risk.
“As we’re not delivering a profit, we can account for more risk and reinvest the remaining money back in our other projects, while giving some to Brighton and Hove City Council."
Little Ships plan to deliver 550 homes as well as incorporating the council's new leisure centre (a crucial part of the project) in an "underground shoebox", and have agreed to split surplus funds 50-50 with the council.
There is also a consideration for the development to be car-free.
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