Didier Tandy, director of Teesland Development Company, said: "The development of St Paul's Place is long overdue as the site has been identified for regeneration for over 30 years."
Gillian Slater, vice chancellor of Bournemouth University added: "The provision of these facilities is an important part of our long-term strategy for the development of the university's academic agenda of research and entrepreneurship and its teaching capabilities within this area of the town."
Teesland has also undertaken negotiations with business centre operator Regus with regard to the office building proposed for the St Paul's Place site.
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