GMI Construction Group has announced the topping out ceremony of the $45.04m (£37m) residential development in Derby city centre, UK.
The development, The Condor, is being constructed on the former Debenhams store site on Victoria Street.
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It is part of the first phase of the Becketwell regeneration scheme, which is being delivered by property developer St James Securities.
The Condor will be situated adjacent to the new public square, which is being constructed on the former Central United Reformed Church site and will also be delivered as part of phase one.
It is marked as the first purpose-built built-to-rent (BTR) scheme in Derby and will feature 259 one and two-bedroom units.
The 11-storey development will have 2,962ft² of internal ground floor amenity space, including co-working space, as well as a shared resident’s lounge.
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By GlobalDataIt will also feature 2,185ft² of external rooftop space with a terrace overlooking the new public square.
Car parking, a bike store, a gym and electric car charging points are also included in the building.
Private rental homes provider Grainger will fund and operate the new development, which is anticipated to be completed by March 2023.
GMI Divisional managing director Andy Bruce said: “You can see the development now really starting to take shape and bring the vision into reality.
“The regeneration of Becketwell is a landmark project in Derby City Centre which once finished will create a brand new urban quarter and sense of place.
“GMI are proud to be playing a leading role within those plans and to further our excellent credentials in terms of city centre regeneration creating vibrant and attractive places to live and work and generating significant investment and job opportunities right across the regions in which we operate.”
The company stated that the future planned phases of the Becketwell regeneration scheme include a range of other complementary uses of the site including purpose-built student residential, a multi-storey car park, new grade A offices and commercial space, as well as a hotel.
