CONTRACTS have been exchanged between Bournemouth council and a private pension fund planning to breathe new life into the Winter Gardens site.

Billed as Bournemouth's biggest redevelopment, the Winter Gardens project could create up to 1,300 new jobs.

Proposals for the ambitious £100 million scheme include at least one hotel, a multiplex cinema, quality grocery store, around 240 apartments and a public piazza with big screens showing sports event and concerts.

There are also plans for 26,000 square feet of restaurants or possibly shops, a Rock and Bowl American sports diner with bowling alley, outdoor winter ice rink and 550 parking spaces.

A P Bond Children's Settlement is keen to create a lasting legacy for the town and offer prime sites to local, independent restaurants and cafes. They have also pledged that there will be no takeaways and no bars.

Tony Ramsden of Bournemouth-based Planning Solutions, the sole planning, sales and letting agents, said: "This is an exciting mixed use development driven by a local person who loves the town. The scheme is not driven by shareholders in London.

"Everyone said it would never happen but contracts have now been exchanged. It's what the council and town have wanted for decades."

The vast majority of the site had already been bought by the private pension fund and now contracts have been exchanged to buy the remainder from Bournemouth council.

Local companies, including Valentinos restaurant, are being given the first chance to get involved.

A planning application is due to be submitted in March or April with a view to starting building work in 2013 and completion in 2015.

Bournemouth council leader Cllr Peter Charon said: "We are delighted that the private sector is recognising the investment opportunities created by the Town Centre Vision.

"The Winter Gardens is a key site within the vision and we believe this proposal will breathe new life into this part of town. Investment of this scale will be a big boost for the local economy and tourism industry.

"It is particularly encouraging that this is happening when the prevailing economic climate has brought development elsewhere in the country to a grinding halt."