THE £1 billion redevelopment plan which will transform Bolton town centre in the next 10 years is on track, despite the devastating effect the credit crunch has had on the construction industry.

Bolton Council development and regeneration boss Keith Davies said no-one has backed out from the ambitious £1 billion plans for the town centre, which are expected to create 16,000 jobs.

But he admitted that the number of apartments previously planned as integral parts of various projects would be reduced and replaced with more affordable family housing.

He said: “We are still at that stage where we can tweak the plans to adapt to circumstances. We know the apartment market has declined as there are still flats in the town centre that have not been sold.

“The feedback we have been having is that not as many apartments will be needed, so the council and the project partners will change the design to accommodate family housing.

“We know that the apartment market has taken the biggest hit. In Church Wharf we had planned for 600 apartments but now that will be reduced from 600 to around 200, with more affordable family homes being included in the design.

“The financial crisis means the amount being spent on the apartments part will be reduced but the houses will add overall value to the project.

“The overall costs of the major developments for Bolton will be slightly less and they may take slightly longer to complete, but everything is where we expected it to be at this stage.

“Nobody has walked away from any of the developments we have planned and companies are negotiating to attract anchor tenants.”

While the construction industry languishes in the doldrums because of the collapse of the housing market, public building projects will keep the industry going.

The public investment projects include the joint £150 million PCT, University of Bolton and council-funded sports centre and the new magistrates’ court on the site of the old Water Place swimming pool.

Other public projects include the new community college which will have a special construction centre attached and the sixth form college on a site off Deane Road — all projects which will provide hundreds of jobs, both during the construction phase and when they eventually open.

Bolton Council is gaining a good reputation for encouraging and attracting new businesses to consider investing in the town through its active Business Bolton brand team.

Mr Davies said: “Business Bolton is our main brand and it’s a growing brand that covers all the businesses that relates to the town.

“The team offers advance support with all aspects of running a business and Business Bolton managers will go out and talk to local companies free of charge. It’s a one-stop shop and is proving very effective.”

As Mr Davies sees it, Bolton is holding its head above water during these harsh economic times: “Looking at the rest of Greater Manchester, Bolton seems to be in a better position than most. Our hard-working Business Bolton team is still receiving enquiries about inward investment in the town.”