BCP Council is looking to close its in-house urban regeneration company FuturePlaces by the beginning of next year, it can be revealed.
A report looking into the future of FuturePlaces recommends that BCP Council formally closes the company in the first quarter of 2024, subject to approval.
The report says that despite the “aspirational and well-articulated" agenda of FuturePlaces, the sale of its key sites and regeneration projects has not happened “sufficiently quickly” enough.
Maintaining the status quo with FuturePlaces is “not a financially sustainable option” and doesn’t respond to the changing market and economic conditions, the report warns.
It says: “The council has been reviewing the options for taking forward the development and investment agenda across the BCP area in a more controlled and cost-effective manner, with a focus on delivering priority project sites.
“While the breadth of delivery and intellectual application of the stewardship approach have been strong, and the agenda has been widely recognised as appropriately aspirational and well-articulated.
Read more: BCP FuturePlaces had a 'terrible start', says council leader
“FuturePlaces has not resulted in the release of key sites sufficiently quickly (e.g., Beach Road car park) or the rapid delivery of outcomes on the key sites, such as the Holes Bay former power station site, or a tangible deliverable proposal for the development of key economic drivers such as the Bournemouth International Centre or Wessex Fields.”
The report adds that the internal capacity of the council “may not have been sufficient to deliver the scale of ambition” set out in the original business plan for FuturePlaces.
But, with a “carefully managed transition” of FuturePlaces staff to the council and revisions made to its projects, “this should no longer be the case”, the report adds.
Transferring people and assets from FuturePlaces into the council would be done “in the shortest possible time” to avoid disruption, provide stability and maintaining momentum on priority developments.
Under the plans recommended, BCP Council’s in-house teams for delivering housing can all be merged into one.
“This will enable greater focus and capacity for delivering homes and jobs on sites owned, or controlled, by the council and the new team to build on the value of the work completed and initiated by the FuturePlaces team,” the report adds.
An advisory board within the council could be set up, with members including independent investment and placemaking expertise, the council leader and lead member of regeneration projects.
The recommendation will be put to the Three Towns Alliance administration's cabinet next month.
FuturePlaces was set up in 2021 by BCP Council as a way of delivering more homes and jobs on sites owned by the council.
In June 2022, the former Conservative administration agreed a revised business plan and funding mechanism for the company, including an increase in the working capital loan facility from £400k to £8m.
Last month’s best value notice, issued by the government, said that there were “some concerns” about the transparency of FuturePlaces, stating members were “too involved” in the day-to-day running.
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