But with the financial markets in turmoil, Jemma Walton talked to some of the key players to see how Peterborough's development plans might be affected:

Millions of pounds are due to pour into the city over the next few years, with Peterborough seeing a range of major developments that will change the face of the city.

Plans are in place for a more vibrant Cathedral Square, a new and improved shopping centre, a buffed and shiny train station, and much more.

But, given the current turmoil in the stock markets, there are concerns about what impact it will have on the city's developments and their timescales.

Can we expect a delay in work on Peterborough as finances become tighter?

The major plans in the pipeline for Peterborough include:

• Improvements to the city centre outlined in a new public realm strategy, with work due to start in early 2009.


• Plans to build 344 eco-friendly homes in a carbon challenge development on the South Bank.


• Proposals to pump £50 million into revamping the train station and create a "green quarter" full of "green businesses".


• The biggest scheme of all – the North Westgate development – a £450 million retail, housing and city centre improvement scheme around the Queensgate shopping centre.


• An £8.9 million venture to kick off plans for a university centre on Peterborough Regional College's campus.

More from this feature:
Economic downturn can boost university plan.
20-year plan for Hampton remains on track.
Green projects will help Peterborough's survival.
-------------------------------

At the same time, it is planned that 25,000 new homes will be built and 20,000 jobs will be created by incoming businesses.

All this growth is wrapped up in a major document called the Integrated Growth Strategy: the masterplan for Peterborough's future.

Urban regeneration company Opportunity Peterborough is overseeing the developments, and commissioned the masterplan. Can it see delays or work not going ahead?

"No one knows exactly how the turmoil in the financial markets will play out," said Opportunity Peterborough's chief executive, Stephen Compton.

"But we are actually very optimistic about Peterborough's future.

"Much of Peterborough's future growth is based around the green sector, including developing the train station and making the area attractive to green businesses, and building 344 zero-carbon homes on the South Bank.

"The money for these homes is coming from a number of places, including the East of England Development Agency (EEDA), English Partnerships and Peterborough City Council.

"The developer is pPod Consortium, and it held a workshop at the Environment Expo, at the Kingsgate Centre last week, and it seemed positive that things could go ahead as planned.

"And it has to be remembered that these homes were planned over the past two years, as the market has been deteriorating, and so people knew what they were working with."

As far as the green businesses in the green quarter were concerned, Mr Compton said the mood in the green industry was buoyant.
"It is an industry which is growing, and we are confident that green businesses will want to come to Peterborough and create new jobs," he said.

"In life, you play to your strengths, and one of Peterborough's strengths is the premium it has placed on green issues."

Mr Compton added that he didn't expect the development of Cathedral Square to be held up or curtailed because of the credit crunch.

"We are working on the contract for that at the moment," he said. "The funding is coming from a variety of places, including the city council and EEDA, and we are expecting to start work in February next year.

"This will see Cathedral Square revamped, with new street lighting, new paving and new seating."

The other key player in the redevelopment of Peterborough is Hammerson, a FTSE 100 company which builds and manages shopping centres across the UK, and owns 50 per cent of Queensgate.

The company will be responsible for the North Westgate development, the £450 million retail, housing and city centre improvement scheme due to take place around Queensgate.

As far as Hammerson is concerned, the development is still in the planning stages, and is proceeding as planned. The company is the driving force behind Birmingham's Bullring, and has just finished revamping Leicester city centre.

Tellingly, perhaps, as the rest of the market sinks and slides, Hammersons share price yesterday was 966.00 – not too far away from a year-high of 988.00 – unlike many companies on the FTSE 100.