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Recession halts Durham riverside scheme
Banks Development and Esh Group, the Durham-based partners behind the redevelopment of the city's Elvet Waterside area, have withdrawn their plans due to the recession.
The two companies, which were selected by site owners Durham University and Durham City Council to lead the scheme, said that the recession meant it was "no longer commercially viable" to move forward with the scheme. Plans for the Elvet Waterside site include a riverside café/restaurant as part of 998sq m (10,742sq ft) of commercial space and a residential element, as well as enhanced flood defences.
Michael Shuttleworth, managing director of Banks Property, said: "It is extremely disappointing to have to withdraw what we believe are still very high quality redevelopment plans, but the climate in which we are now operating means that it is no longer commercially viable to take them forward."
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