Caerphilly County Borough Council has admitted that if it does not secure funding for the redevelopment of Caerphilly town centre it will have to abandon the project.
The council is making a last-ditch effort to save the scheme by applying for a £6 million grant from the Welsh Assembly’s Strategic Capital Investment Fund.
Councillor Ron Davies, cabinet member for regeneration said: “We are making one final attempt to obtain funding to kick start the redevelopment as we recognise that the current position is totally unacceptable.
“Something needs to be done to address the unsightly derelict buildings in the town centre and we want to assure local traders and residents that we are working hard to resolve this issue as a matter of urgency.”
If funding is granted it would enable the local authority to start buying different properties along Cardiff Road ready for a public-private joint venture.
Cllr Davies added: “If the bid was unsuccessful, however, then it would be best to formally announce that the scheme is not being pursued. This would then allow the current property owners to invest in their buildings and implement smaller scale developments and improvements on the site.”
In 2006 the council promised to use its compulsory purchasing power to make the scheme, by South Caerphilly Regeneration Ltd, happen.
The area, long ear-marked for redevelopment, has been blighted in recent years because of the lack of progress with the redevelopment.
It has often criticised for its ugly appearance – such as the old CoCo mini-market and its blue tarpaulin covering.
A decision on the grant by the Welsh Assembly Government is expected soon.
Ground floor has two retail units and car parking provision for the majority of the apartments (i.e. 119 spaces)
Mezzanine floor has 13 apartments and a residents’ health club
First floor has 34 apartments
Second floor has 31 apartments
Third floor has 23 apartments
Ground floor has four retail units, the lower floor of the library, office and sections of car parking
Mezzanine floor has sections of car park
First floor has the majority of the library, an office and sections of car parking spaces
Second floor has a retail unit, an office and sections of car parking
Third floor has sections of car parking
Fourth floor has sections of car parking
Ground floor has seven retail units and a rear open car park area
Ground floor has seven retail units and a rear open car park area
Mezzanine has 10 apartments
First floor has a retail unit and 10 apartments
Second floor has 6 apartments