This new 350-space car park is set for Hull's Fruit Market
Arco could soon be moving its headquarters to the city's booming Fruit Market (Image: Copyright unknown)
By Hull Daily Mail | Posted: 21 Nov 2018
A new 350-space multi-storey car park is set to be built in Hull's Fruit Market.
Subject to planning approval, it will form part of a wider development scheme including a new headquarters for Hull-based safety equipment specialists Arco.
The city council is buying the site of the company's current HQ in Waverley Street to create a construction compound to be used by Highways England contractors during the £400m Castle Street improvement scheme.
Next week cabinet councilors will be asked to approve a £3.2m loan to the partnership behind the Fruit Market regeneration programme to help fund the building of the car park.
The idea is to provide dedicated parking spaces for Arco staff and other businesses in the area. There will also be 50 public spaces available at all times and over 200 at weekends.
Arco's headquarters in Waverley Street, Hull. (Image: Hull Daily Mail)
The car park is earmarked for a currently derelict site which is partly in use as a temporary pay-and-display car park between the C4Di complex and Blackfriargate.
Arco headquarters could move to Fruit Market if building is sold to Hull City Council
The new Arco HQ will be built on the same site with around 600 staff expected to relocate there from Waverley Street.
Deputy council leader Daren Hale said agreement on the authority's proposed deal with Arco was in its final stages.
"Arco is an established Hull company and being able to keep them in the city is a priority for the council," he added.
Daren Hale, deputy leader at Hull City Council (Image: Hull Live)
A report by the council's director of major projects Garry Taylor said demand for parking in the Fruit Market had increased significantly in recent years with the arrival of many new businesses and a number of recent nearby residential schemes.
Under the loan deal, the council will charge interest on the loaned sum and receive a share of operating revenue once the car park is open as it owns a 50 per cent stake in the Fruit Market partnership company.