Developers were invited by the City Council to draw up a blueprint for the vacant 26 acres of land adjacent to the International Convention Centre site in July 1987. The overall scheme, which would be a 'magnet to attract thousands of people' was scheduled to be completed and operational by Spring 1991. The site was leased to a consortium of three companies; Merlin Shearwater and Laing (MSL). MSL planned to create a 'huge leisure and entertainment area'. Their experience in developing a major city attraction in Baltimore, USA, which attracts up to 26 million visitors, was said to have been a major factor in their tender being accepted.
The consortium paid 23 million for the development rights and much of the money was used to build the National Indoor Arena (NIA). Their masterplan for a 200 million development included the NIA and a tourist visitor led Festival Market and National Aquarium.
A monorail system linking the complex with other parts of the city centre was discussed, based on a system used in Merlin's Darling Harbour scheme in Sydney, Australia. The National Aquarium 'A Whale of a Tourist Attraction' was expected to attract 2 million visitors a year and would be similar to those already existing in Baltimore and Boston, USA.
The 'Go For Big Broad Street Plan' was the headline of September 1989 when the development was given planning permission. The agreement, however, did not include the multi-million pound monorail, but included 600,000 square feet of office space. This was to be the 'final piece of the jigsaw' to transform the Broad Street area into a commercial and leisure development. It was said to be one of the most exciting regeneration schemes ever seen in this country.
The exchange of contracts between the developers and the City Council took place at the topping out ceremony over the NIA railway tunnel in October 1989.
By July 1990 Merlin pulled out of the scheme due to fears about the property slump and the project was taken over by Shearwater's parent company, Rosehaugh. The Festival Marketplace was said to be 'unfundable'.
Rosehaugh re-looked at the masterplan for the development and together with Birmingham City Council drew up a new scheme which contained many of the components of the festival marketplace proposals, but in a form whereby each phase could be separately financed and built. The planning committee was concerned that the area could be a 'dead zone' after dark, but were in the end convinced that this was not the case.
By March 1991 the press were informed of 'exciting proposals for a high quality, mixed-use redevelopment'. In December 1991 another plan was submitted for approval based on the revised masterplan. The development was now to include Birmingham's fifth public square, constructed and paid for by the developers, but for the benefit of all the residents and visitors to the city who wished to enjoy it. The development included 19 restaurants, shops and bars in Birmingham's first ever purpose designed leisure venue overlooking the canals. The development proposals also contained 120 homes to encourage more people to live in the city, rather than outside of it. There were 1,100,000 square feet of offices, which would create 6,000 jobs.
The leisure element was not absolutely certain but possible options at the time were Science of Sport, an Imax Cinema, bowling alley and the existing Crescent Theatre was to be rebuilt on Brindleyplace.
The developer's intention was that Brindleyplace would be a thriving place from early morning through to the early hours of the following day. A property research company (hired by Brindleyplace) found that the Brindleyplace site was 'outstanding in a local, regional and national sense' in terms of the amount of new office space available.
Outline planning permission was gained in July 1992, it meant that the scheme would be implemented in phases and led by 'market demand' employing 6,000 people on completion.
The obstacles had not only been financial, but ecological! In the recession, progress had been slow and Ecologists 'discovered' that the site was home to a very rare Black Redstart. A bird which is a protected species. Work could not begin until the birds migrated.
In November 1992 the development once again almost came to a halt. Rosehaugh's shares were suspended at 7.5p where they once traded at 925p. The company's debts were reported to be at £350 million. After an anxious wait Brindleyplace was declared to be safe. Brindleyplace plc as a subsidiary of the Rosehaugh parent company continued its work.
In June 1993 the Argent Group Plc, a privately owned UK property company, purchased Brindleyplace for an undisclosed sum.
By September 1993 development was underway. Workmen moved on site on 6 September 1993 and the building project was officially launched on 29 September 1993. The first part of the development to be completed was The Water's Edge - a canalside scheme of shops, restaurants and bars which was officially opened in November 1994.