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The second phase of Grosvenor's massive, 拢1bn Liverpool One regeneration scheme is to be delivered today.

Liverpool One involves the regeneration of 17ha of the city centre, including more than 30 individually designed buildings by 26 architects in five separate districts around the streets of Liverpool.

Phase two has focused on the leisure element of the scheme, including a 2ha park. Located alongside the site of the original 鈥減ool鈥�, from which the city took its name, Chavasse Park has been transformed into a landscaped public space, concealing a new underground car park.

The finished scheme will include 160 shops totalling 130,000m2 of retail space, a 14-screen Odeon cinema, 500 apartments and a new public transport interchange.

The first phase of the development, which included around 93,000m2 of retail and 2,500 car parking spaces, opened on 29 May. The main residential section and two hotels are scheduled for completion in 2009.

Peter Vernon, chief executive of Grosvenor for Britain and Ireland, described the development as 鈥減ioneering鈥� and said that he believed the developer had helped create a 鈥渘ew place for Liverpool - a modern, dynamic and vibrant place, where people could work, live, shop and relax鈥�.