Plans for 331 new homes at Oldham’s Princes Gate are finally moving forward, with the former car park set to become the first site developed under the town centre’s multi-million pound regeneration programme.

The 331 apartments, which will include around 75 affordable homes, will be built by urban developer Muse. The scheme also includes shops and green spaces, and is backed by £31.5 million from the Greater Manchester Combined Authority’s Good Growth Fund, with additional government funding.

Oldham Council is currently finalising the terms of a grant funding agreement with Muse. However, as the authority enters the pre-election period, leaders have voted to delegate final decisions on which contractors to hire. This means the choice will be approved by the council’s deputy CEO Emma Barton, council leader Arooj Shah, the director of finance and the borough solicitor, rather than being decided at a public cabinet meeting.

Speaking at a cabinet meeting on March 23, deputy council leader Elaine Taylor stressed the importance of moving beyond discussion. “This is about moving from the talking stage to delivery. Prince’s Gate has been talked about for a long time. It’s a key component of the regeneration programme,” she said.

She acknowledged that some residents may be sceptical, given past promises that did not materialise. “I can understand why some residents might be sceptical because there were promises made and unfortunately they weren’t delivered. Because they didn’t materialise this administration is more determined than ever to make sure we do deliver for this borough in taking this site forward,” she added.

The development has taken on added urgency after two previous schemes fell through at the last minute. First Marks & Spencer, then Lidl, pulled out of deals to transform the land into shops and a hotel.

Council leader Arooj Shah described building on the site as a “defining milestone” for the wider regeneration project. “This decision gives the council the final authority to deliver 331 high-quality new homes at Prince’s Gate including 75 much‑needed social rent homes in the first phase,” she said in a statement.

The council is said to be “extremely proactive” in finding a main construction contractor, as well as a housing association to manage the social housing once it is completed.

The same cabinet meeting also saw members discuss the creation of a Mayoral Development Corporation (MDC) to speed up regeneration. MDCs are special bodies created by Metro Mayors such as Andy Burnham, with powers to develop land and buildings, create new transport infrastructure and attract funding. Mr Burnham first announced his intention to use these powers at the end of January.

Councillor Taylor said: “The future of Oldham will be shaped by our ambition and our willingness to take big decisions that deliver real change. A Mayoral Development Corporation gives us exactly that: real fire power, and the ability to accelerate regeneration at a scale Oldham hasn’t seen in decades.”

Before the MDC can be formally created, plans will go to a six-week public consultation, giving residents the chance to share their views.

The Prince’s Gate development, located next to Oldham Mumps station, represents a major step in the town centre’s long-awaited transformation. The £31.5 million funding from the GMCA’s Good Growth Fund is intended to kick-start a wider regeneration that aims to bring new homes, jobs and improved public spaces to Oldham.