The continued demolition of the former Broadmarsh Centre will cost almost £30m and begin in the summer, new documents show.
Nottingham City Council took over the derelict shopping centre in 2020 after previous owner intu went into administration.
The authority hopes to secure more than £3m funding from the East Midlands Combined County Authority (EMCCA), said the Local Democracy Reporting Service (LDRS).
If granted, the money would be used to continue demolishing most of the remaining shopping centre structure, paving the way for the site’s redevelopment.
Documents reveal the entire demolition project would cost £29.3m, begin in July this year and take a year to complete.
Construction firm Willmott Dixon finished demolishing a section of the shopping centre in 2022, before work on the Green Heart city park began.
Once the shopping centre is demolished, close to 1,000 new homes will be built alongside 20,000 square metres of employment space as part of the Broad Marsh development scheme.
“Broad Marsh is Nottingham’s highest priority regeneration project,” documents seen by the LDRS said.
“The masterplan for the scheme envisages that the former Broadmarsh Shopping Centre will have been replaced with a lively urban quarter, creating just over 2,000 jobs and providing a wide range of facilities, entertainment and attractions.
“With the demolition of the eastern side of the frame, this unlocks the site for investment and development partners to de-risk and deliver investment to the project.”
The LDRS said a business case would be discussed at an EMCCA investment committee meeting on Monday, where regional leaders will review the case for the Broadmarsh demolition.
The documents added: “The demolition of the southern part of the frame structure will serve to reduce holding risk and make the site more market-ready.
“The funding for the demolition not being available would not give the market certainty to be able to deliver the project.”