The community-led development will be anchored by a Sainsbury's supermarket alongside 80,000 sq ft of further retail space. The investment will enable the desired new homes, community facilities and public space that has been envisaged since 2000 in Great Homer Street to become a reality.
Mr King said: "I'm delighted to be able to officially sign up Sainsbury's to this project. This is a significant day for all of us who are committed to this very important regeneration project.
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"Sainsbury's investment will deliver what will be the largest supermarket in Liverpool, over 500 new jobs for local people and kick-start this much-needed regeneration in the north of the city," said the Chief Executive.
"As a company, we are proud of the work we do with communities across the country, and Project Jennifer will provide wide-ranging benefits in this area for years to come.
"We are absolutely committed to providing a quality supermarket on Great Homer Street, and exchanging contracts today is a big step towards making it happen.
"St Modwen has worked hard with the local community for over five years now, and we know the scheme has the wholehearted support of the people in the area, who just want to see some progress."
The plans are part of Sainsbury's wider investment in Merseyside, which also include plans to redevelop in Crosby and invest in the existing stores in the area. The 71,366 sq ft store on Great Homer Street would be Sainsbury's first major store in central Liverpool.
Project Jennifer is currently on hold due to a legal challenge from Tesco. A decision on Tesco's appeal is expected in summer 2010.
(CD/BMcc)
