Peterborough City Council has been awarded £490,000 from Arts Council England towards the redevelopment of the 19th century Whitworth Mill building.
The project will convert the building into an arts and culture hub, whilst also providing a new home for Metal Peterborough.
The building will include artist studios, rehearsal spaces, workshops, conference and networking facilities, overnight residency accommodation and a creative and digital business incubation hub.
Arts Council England's grant will cover the first phase of the redevelopment namely the structural changes and external fit out of the building, and this is scheduled to be complete by summer 2018.
Metal Peterborough, a group delivering arts projects in the city working closely with the local community, will be a key tenant at the hub, moving from their current home at Chauffeurs Cottage. Metal will also receive a grant from Arts Council England of £189,000 for the next four years to support them with their work.
The Whitworth Mill building sits on the Fletton Quays site which is now in the early stages of development for new homes, office accommodation, a hotel, restaurant and leisure and retail facilities.
Councillor John Holdich, leader of the city council, said: “The new arts hub will be a tremendous boost to the city’s cultural and digital provision so we are delighted that Arts Council England has provided this grant to support the first phase of the build.
“Situated on the Fletton Quays site, this whole area will be a vibrant place to work, live, learn and socialise and an integral part of the wider city centre regeneration which has continued apace in recent years and will do in the years to come."
Colette Bailey, Artistic Director and CEO of Metal, said: "We are delighted to have confirmation of Arts Council England funding for Metal for the next four years. This means we can continue to deliver exciting new arts projects with the communities across the city, and are looking forward to working in partnership with Peterborough City Council to realise our shared ambitions to develop Whitworth Mill as a cultural hub."
In an additional boost to arts and culture in the city, Eastern Angles Theatre Company received four years of Arts Council England funding. This will enable the theatre group to continue its longstanding relationship with Peterborough's cultural scene which has seen a number of well-received theatre productions across the city.