The JV has been picked as the Council's preferred bidder to buy the site and carry out a £250 million scheme to comprise homes, restaurants and shops, leisure and community uses and space for the local farmers market which the site is currently home to.
Westminster Council's cabinet member for housing Jonathan Glanz said that the scheme would provide a "flagship multi-use asset" for the area, according to an Estates Gazette report.
“We are delighted and proud to have secured preferred bidder status on Marylebone Square, undoubtedly one of the finest sites in London," said Ridgeford managing director Christopher Murray. "The development of this site will enhance the fabric and character of a neighbourhood we call home.”
Subject to planning consent, work is expected to start on the site next year.
