The scheme, which includes the redevelopment of the Royal Arcade site, refurbishment of the Market Hall and investment in the public realm, will also kick-start wider regeneration, investment and growth in the town.
Features include a new eight-screen cinema, gym, restaurants and shops as well as a new new bus station and 450-space multi-storey car park.
Councillors are due to discuss a report on the development on 12 September. The report seeks to enter into a development agreement with Peveril Securities – part of the Bowmer and Kirkland Group – and their development manager Cordwell Property Group, to transform the Royal Arcade site and deliver the mixed-use leisure and retail scheme.
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In addition, the cabinet report seeks approval to invest almost £15m of council funding, alongside the allocation of £10m of funding from Cheshire and Warrington Local Enterprise Partnership. A further £23.6m of private sector investment will be drawn in for the commercial elements of the plans.
Members are also being asked to consider plans for investment in the public realm – including the design of pedestrian areas, street furniture, event space and lighting – as well as the alternative options for the future of Crewe's markets.
Cheshire East Council is currently working alongside Crewe Town Council in considering plans for the Market Hall. Subject to consultation, proposals could see the building remodelled and refurbished to a high standard, focusing on independent food retailers, cafes and eateries, as well as having flexibility for themed evening events.
Cllr Don Stockton said: "Following consultation with residents in 2015, we've been working with cabinet members, local members and officers to bring together proposals which will transform Crewe town centre.
"It's essential that Crewe becomes better placed to benefit from all that HS2 can bring, as well as deliver the ambitious economic growth targets outlined in the emerging Constellation Growth Strategy for the sub-region.
"These plans will build on the £25m investment that has already been realised through the lifestyle centre and university technical college and we are confident that it will act as a catalyst for much more private sector investment in the future."
(LM)
