Cheshire East Council has today confirmed an agreement with development partner Peveril Securities Ltd to redevelop the Royal Arcade.
Although the agreement has been signed there is still no planning application in place to build on the site.
Cheshire East previously paid £6.5 million to acquire the Royal Arcade site with the cost of the redevelopment set at around £45 million.
A formal planning application is not expected to be submitted until spring 2021.
Councillor Nick Mannion, Cheshire East Council cabinet member for environment and regeneration, said:
The development agreement is the latest step in what is an exciting programme of regeneration for Crewe.
We appreciate that the current pandemic has brought uncertain times for all of us, but this news not only shows our shared vision for the regeneration of Crewe town centre, it also shows our commitment to rebuilding the local economy.
According to the press release from Cheshire East, the agreement will see a new bus station built along with a 400 space multi-storey car park.
The Bus station phase of the development is set to be partially completed by 2022.
The press release also confirms the intention to build a state of the art cinema. It has not been confirmed if a bowling alley as previously mentioned will be built.
Recently Crewe News ran a poll asking local residents what they would like to see in a newly developed Royal Arcade, less than 4% of the people who responded wanted to see a cinema included.
William Warrack, a director of Cordwell Property Ltd, development managers for Peveril Securities Ltd said:
How good it is in the middle of this pandemic to be involved in a scheme that is now starting on site with the commencement of demolition in preparation for the construction of the new Bus Interchange and Multi-Storey Car Park in the first £15 million phase of investment in Crewe town centre.
We are looking forward to working with Cheshire East Council to bringing this long awaited project to fruition and to the second £30 million phase of a leisure and retail complex which is designed to bring back vitality to the town centre as well as the many visitors from the Cheshire East catchment area for whom this will form a state of the art venue.
Demolition of the existing Royal Arcade site will begin this month and the site is set to be cleared by May 2021.
Completion of the development is scheduled for 2023.