Manchester’s local council is searching for an architect to design a new proposed £110m (US$172.2m, €156m) flexible art space within the city.

Supported by £78m (US$122m, €110.6m) in funding from the UK government, the new arts space is dubbed ‘The Factory.’ It forms part of a wider initiative in the north of England to restore the “cultural and economic counterbalance” to London in the south, which in funding terms has been called “broken” by the Museums Association.

The ambitious plans were first announced in 2014’s autumn statement. Chancellor George Osborne revealed at the time that the new venue will be built on the former site of the Granada TV studios in the city, the same location of the highly popular Coronation Street tour.

“The significance of The Factory cannot be overstated,” said Manchester council leader, Richard Leese. “It will be internationally significant, the cultural anchor for the next phase of economic and cultural regeneration in Manchester, Greater Manchester and beyond.

The £9.5m (US$14.9m, €13.5m) design contract is expected to be announced in November, with work scheduled for 2017 and an opening set for July 2019. SimpsonHaugh & Partners are masterplanning the entire Granada TV studios redevelopment, which also includes an event hotel, with long-term plans for the site to form part of a blueprint for a new city centre neighbourhood. Other architects involved include Child Graddon Lewis, Buckley Gray Yeoman and Levitt Bernstein.