Negotiations between Redcar & Cleveland Borough Council and Coatham Arena Limited are nearing a key juncture, bringing closer an option agreement for the former Coatham Bowl site to be leased for the building of a 5,000+ capacity multi-purpose Arena, according to a joint statement issued today.
Subject to the successful conclusion of the negotiations the expectation is that the option agreement will be signed in the near future which will allow Coatham Arena Limited to prepare and submit its detailed planning application in due course. The planning application will address the numerous issues relating to the development such as environmental and sustainability considerations; transport and access arrangements and impact on the surrounding residential area. If planning permission is achieved, building can then commence with the Arena likely to open by 2028.
Coatham Arena Limited Chairman, Frankie Wales, said:
“We are very pleased that our negotiations with the Council are coming to an end and that the results prove satisfactory to both parties. Agreement will mean we can then progress with the preparation of our detailed planning application. The process has taken time but with a project of this scale and complexity it has been important to ensure we dot all the i’s and cross all the t’s. We are particularly grateful for the encouragement of the Council and our many supporters”.
Council Leader, Cllr Mary Lanigan, said:
“The Council is proactively working with the Coatham Arena developers on an option on the land which will then give Coatham Arena Limited the security to develop its plans further. The principle of an arena is welcomed and private investment is always encouraged in the Borough and we will work with the Coatham Arena developers to give them every chance to succeed.”
The £70million Coatham Arena will be a state-of-the-art 5,000+ capacity indoor venue hosting entertainment, sporting, conference, exhibition and social events all year round. It is forecast to secure hundreds of jobs, attract thousands of visitors to the area and act as a catalyst for millions in investment.