Tollgate Partnership Ltd is set to unveil a masterplan for 20 acres of land at Tollgate, Stanway, next month.
The development could potentially include a bowling alley and cinema, as well as shops and restaurants, although specific proposals have not yet been drawn up.
The land, including the former Sainsbury’s site, could be turned into a gateway hub for Colchester if it gets the go-ahead.
An estimated 480 jobs could be created during construction of the development, with a further 450 being employed within the completed site.
Daniel Watts, Tollgate Partnership director, said: “Hundreds of homes have been built in Stanway and hundreds more are planned.
“There needs to be somewhere those residents can go to work or to socialise. We want to create a sense of place and community.”
Fellow director Jayne Gee, added that the partnership was mindful of a Stanway Parish Council wish-list drawn up with residents which includes a cinema, bowling alley, more shops and restaurants.
She said: “We are hoping for an excellent turnout at the exhibition so we can share our vision for Tollgate and get as many opinions as possible to inform our plans.”
The scheme will include extensive landscaping as well as improved pedestrian and cycling routes taking in the nearby Sainsbury’s store.
A specific cost for the scheme will be dependent on the extent of the planning permission granted, if any, and the input from commercial groups which would run specific businesses on the site.
The Tollgate Partnership is holding a two-day public exhibition on the proposals next month to gauge opinion on the plans.
The event will be held at Unit 5, Tollgate Business Park, on Friday December 5 from 2pm to 7pm, and on Saturday December 6 from 10am to 4pm.
An outline planning application is then set to be submitted in the new year.
Article by : Will Lodge