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This is the stunning plan that could see a huge area in the centre of Cardiff transformed into one of the most modern business developments in the UK.

We can reveal today the latest plans to redevelop Cardiff's Central Square - the area stretching from the city's central rail station to the Millennium Stadium - and the plans include the highest building ever constructed in Wales.

Over the next three to five years the Central Square scheme, for which the first phase of development is already under way with a 135,000 sq ft grade A speculative office scheme, could see the construction of one million square foot of new office, retail and residential space – providing a huge boost for the economy of the Cardiff Capital Region.

The project, which is being driven by Cardiff-based property development firm Rightacres Property in partnership with Cardiff Council, could also feature one of the highest building ever constructed in Wales – with a 27 storey 92-metre high building.

While there are no firm plans it could be developed as a high quality student accommodation scheme.

As well as over 500,000 sq ft of new office space and student accommodation, Central Square could also see around 450 private residential units, new retail outlets and a 200-bedroom hotel.

As well as being in discussions with a number of leading private residential and student accommodation operators. Rightacres is also in talks with a number of hotel chains.

Central Square is far more than being a building led project.

The master plan, which has been worked on for the last 18 months, has been overseen by one of the world’s most respected architectural firms Foster + Partners whose work has included the awarding winning Gherkin Building in London and Boston Museum of Fine Arts

The work has been led by senior executive partner Gerard Evenden who was born in Cardiff. Educated at Radyr Comprehensive and Cardiff School of Architecture.

The Cardiff office of engineering consultants Arup, which employs 300, is also providing its expertise.

The master plan has public access and open space at its heart which will give a positive impression to people visiting the capital on exiting Cardiff Train Station – where Network Rail also have ambitious plans to revamp the station and land it owes immediately to the south.

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Central Square has also been chosen as the preferred location for a new 150,000 sq ft headquarters for BBC Wales.

While a decision for Cardiff Council, the master plan makes provision for a new transport hub providing a replacement for the existing bus station and a potential interchange for the proposed Metro transport network.

A preferred location for the new bus station will be presented to Cardiff Council’s cabinet by the end of the year.

Leader of the City of Cardiff Council, Phil Bale said “Central Square is the key gateway to Cardiff and the wider city region for many potential investors, residents and visitors, and so its role in providing a positive image for Cardiff and Wales cannot be underestimated.

“The council has worked closely with Rightacres and its design team to create a master plan that is reflective of the city’s ambition to be amongst the most ‘liveable’ cities in the world."

Chief executive of Rightacres Paul McCarthy said: “With Gerard’s great local knowledge and supported by his team of extremely talented architects Foster + Partners have come up with a fantastic plan.

“The aspiration is to create Cardiff’s premier business location that will attract indigenous businesses and inward investors to Cardiff.

“The new buildings will be set around a new square that is right in terms of scale and size and that will be capable of staging events such as food festivals and live street performances.

“The main challenge for the team was to demonstrate how the new square and streets leading to it would perform during a major event such as a rugby international.

“Once we knew we could handle 35,000 people exiting the southern gates of the Millennium Stadium in under twenty minutes we knew the area could handle 7,000 people per hour on a normal day at peak times”.

There will be a new direct pedestrian route from Central Square to the Millennium Stadium which will be known as Millennium Walkway.

The street has been designed to handle large volumes of people as they make their way to or exit the stadium.

Wood Street too has been completely revamped to create a new boulevard with high quality office buildings either side.

Carole-Anne Davies, chief executive of the Design Commission for Wales, said: “The master plan proposals for Cardiff’s Central Square represent a catalyst for the transformation of the city’s profile and its capacity to attract further investment.

"The approach to the public space and integrated transport facilities is well considered and of high quality.

"The commitment of the development partners to an iterative, collaborative process with the Design Commission for Wales has been exemplary."