The authority is planning to invest in the Friargate Business District by forming a joint venture project company with current owners Friargate LLP.
Under the plans, the new company will then build the second building at the site and help ensure future development at the location.
“I believe that by setting up a new company, there will be a number of benefits to Coventry citizens and taxpayers,” said Jim O’Boyle, Coventry City Council’s cabinet member for jobs and regeneration.
“By entering into a partnership with Friargate LLP and investing cash from the West Midlands Combined Authority we will be able to guarantee that the second building gets underway and gets underway quickly. Then we can start looking at making the next buildings happen too.”
The proposals will be put to the council's cabinet and then to a full council meeting early in the New Year.
Coventry plans regen vehicle
Coventry City Council is looking to establish a public-private partnership vehicle to speed up redevelopment work in the city.