Martin Redfern
The budget for the Exeter City Living Vaughan Road redevelopment has soared from £9.2 million to £27.2 million.
The city council, which owns the company, is now expected to lend it an additional £13 million to complete what will now be a mix of 35 affordable and 56 market rent flats, 25 fewer affordable homes than planned.
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Plans to renew historic building destroyed in October 2016 fire approved nearly two years ago following failure of first reconstruction project but developer has yet to discharge any consent conditions and financial viability of plans remains in doubt.
Proposed move to Guildhall shopping centre, Phoenix arts venue and Oakwood House intended to enable Civic Centre site redevelopment as council claims £100,000 costings report and capital spending to come at “no cost to council taxpayers”.
