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Boston Borough Councillors have applauded plans for a major development by Chestnut Homes as "bold", "visionary" and "ambitious".
At a briefing for councillors by Chestnut Homes managing director David Newton on Monday night they heard that "the clock is ticking" and the timescale for the project, which will fund a new stadium for Boston United, is tight.
The club has only four years left on its lease at York Street, which will not be renewed.
Concerns were expressed about extra traffic generated by the development of the new stadium, 500 homes, shops, restaurants, a pub, hotel and a supermarket.
There were also concerns about adequate additional health and education provision and the possible impact on town centre businesses.
Mr Newton, who is also chairman of Boston United, said: "The clock is ticking and there is a desperate need to relocate to another ground. The club is not sustainable in its current location."
He explained that the first phase of the Quadrant development, which includes 35 acres of residential building, would help fund the new stadium and attract grant funding from other sources such as Sport England. The stadium would cost £5.5 million - £3 million from the development. The main emphasis would be on promotion of football, but netball was the most likely other sport to be included.
Mr Newton said there was a need for new housing in the town and the development would help attract new employers.
He said some of the land would be sold to other developers and hoped enough cash would be generated to fund the stadium with some left over for community uses such as health and education. He said a retail impact assessment would be done but added that efforts would be made to avoid competition with town centre businesses.
Plans for major development in Boston - to include 500 homes, shops, fuel station, restaurants and cafes and a new stadium for Boston United Football Club - have been announced.
David Newton, managing director of developers Chestnut Homes, who is also the chairman of Boston Utd, has already initiated pre-planning application talks with planners and prior to publicly releasing full details of the proposals for the Tytton Lane/A16 area.
Council leader, Cllr Peter Bedford, said: "This is, without doubt, an exciting and interesting project and the council has been consulted from an early stage. The proposals for the Tytton Lane area, including for the football club, will be the subject of planning applications and will have to be subject to full scrutiny and consultation, going through all the usual procedures. We expect to see a planning application in the new year."
The developers say it will meet housing needs for the next 20 years and offer 500 new homes, 100 of them affordable housing. The 65-acre site will also include a seven-acre retail park likely to house a food store, a hotel, restaurants and a family pub. It will create up to 450 new local jobs, positions in retail, leisure, sport and hospitality.
An artist's impression of the planned development - shops
The new Community Stadium, occupying 12 acres, will have an initial capacity of 4,500 with potential to expand to 6,000 and will also create new full and part-time employment opportunities in catering, leisure, education, and management.
Boston Utd's new ground will have associated community facilities such as an all-weather 3G pitch as well as a study support centre, dance centre, centre of excellence, conferencing facilities and offer a youth development programme and a ladies' football programme. The lease of the current York Street ground is coming to an end and will not be renewed.
An artist's impression of the planned development - stadium
The project will include the building of the first section of a much-needed distributor road that may ultimately link the A16 to the A52 to alleviate traffic that currently goes through the town centre.
A drop-in public exhibition was held in the Pilgrim Lounge at Boston United Football Club on York Street from 2pm to 8pm on Wednesday, December 4, for residents to meet the Chestnut Homes team, ask questions and provide ideas and suggestions.