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850m St James Centre revamp It is thought the landmark project will support 2,300 permanent jobs and add 25m to the Scottish economy each year. And as part of the project, a retail and hospitality training academy will be set up to host around 1000 placements each year with a focus on helping "long term unemployed and disadvantaged young people". Council leader Andrew Burns hailed the long awaited move as "a red letter day for Edinburgh city centre". "This is a game changer," he said. "There is no doubt that in almost every economic arena Edinburgh punches above its weight but the one area where it could do better is in its retail offer. I'm entirely confident that this St James Quarter as it will be known will draw us up to comparable status with our major competitors and that has got to be extremely good news." Cllr Burns said in the 20 years since he moved to the Capital he has never seen development "of this scale" which, he said, would "completely transform the city centre". Essential Edinburgh chairman Andy Neal said the new retail district nike metcon 2 was a "fantastic opportunity" to "leapfrog" Glasgow and become "the pre eminent shopping destination in central Scotland". "Everything that's going to happen with the St James Quarter is exactly as it should be and exactly what you would want to see. But it's not just shops, there is a tremendous mix including restaurants, hotels and a cinema. "It's right next to Multrees Walk, which is doing really well, by delivering those top end products. "There will be a step up in retail offer but, from my point of view, it's retail plus a great experience." However, Mr Neal warned against neglecting the city's West End in the excitement of the St James Quarter announcement. "The other side of Princes Street has been a traditionally strong retail area and it needs to evolve at the same time as the St James Quarter establishes itself." On the political front, the huge injection of investment in Edinburgh will be considered a shot in the arm for pro independence campaigners after several businesses, including insurer Standard Life, hinted they may leave Scotland in the event of a Yes vote in September's referendum. Deputy First Minister Nicola Sturgeon said the development would "boost the Scottish economy" but was only possible through a pioneering funding model called "regeneration accelerator model" (RAM), where Holyrood provides loans based on estimated future income from business rates. Ms Sturgeon said: "This government is determined to invest in Scotland's infrastructure both to stimulate growth in the short term and lay the foundations for long term success. Through schemes such as RAM we are increasing public investment in infrastructure across Scotland, which will create overall gains for the economy as a whole." Martin Perry, director of development at TIAA Henderson Real Estate, said they have been working with the council and the Scottish Government to see the dream brought to life. But the St James Quarter is expected to reverse the Capital's fortunes enticing some of the world's most illustrious designer stores and brands. Edinburgh has a high level of tourist trade and it is important as part of our position as a festival city that we also develop leading "retailtainment" facilities. In nike shoes downshifter 6 the last decade the edges of traditional shopping and entertainment have become blurred as restaurants and other leisure uses sit together with retail outlets. This holistic approach can build character for potential shoppers. There is a clear opportunity for existing and prospective businesses to make the most of these changes. Pioneering finance model at work A TRAILBLAZING finance package has been agreed to kick start investment in the St James Quarter a development which had stalled since 2009 amid economic uncertainty. The deal sees a 61 million Scottish Government stake injected into a cash pot dominated nike shoes kd 9 by private firm TIAA Henderson Real Estate, which owns the site and has held planning permission for development since 2009. Dubbed a "regeneration accelerator model", the deal would see the government claw back around 270m over 25 years from enhanced business rates as a result of the development.