Developers must hold their nerve

1:19pm Monday 12th May 2008

To learn that current economic woes could have an impact on Bradford's regeneration, while unwelcome, is not surprising. After all, the credit crunch and rising costs are global phenomena and few will be spared their effects.

The timing, though, could seem particularly cruel as far as Bradford is concerned, with the city awaiting the start of many multi-million-pound projects. While it could be argued that the true impact of a previous lack of progress is now being felt, all may not be as bleak as it appears.

For a start, it would seem reasonable to retain faith in the Broadway development since preparatory work is ongoing, major tenants are being actively signed up and a start date is said to be very close. This is the single most important scheme for the city and Westfield's commitment to the project remains a sign of confidence.

Secondly, it appears that Bradford is better positioned than many to weather the storm because it has not been overdeveloped with office space and residential properties - and that potential will not just disappear. So while some schemes may be delayed, others may be adapted to take into account new economic conditions. And when economic confidence does return, as it must, the city will still be ahead of many in being able to capitalise on that.

In the interim it is important that private firms hold their nerve and the public sector, in the shape of the Council, Yorkshire Forward and other regeneration bodies, offer the leadership that is needed.

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