The government has launched a new consultation on creating a development corporation in Cambridge.

The proposed development corporation would support the creation of thousands of high-paying jobs in construction, bioscience, education and hospitality. It would follow a similar model as the London Legacy Development Corporation, which regenerated Stratford following the 2012 Olympic and Paralympic Games.

The government has already committed £400m to accelerate development in the area, including support for new transport links, affordable homes, and the University of Cambridge Innovation Hub. Some of this funding will also fund the Water Efficiency Programme to help tackle water scarcity while long-term infrastructure is developed.

Residents, local leaders and businesses in and around Greater Cambridge are being invited to have their say on whether a development corporation should be established, the area it would cover, as well as the planning powers at its disposal to approve new homes, employment space, and critical infrastructure.

Housing and planning minister, Matthew Pennycook, said: “This government is determined to realise the full potential of Greater Cambridge to the benefit of its existing communities and the country as a whole.

“The centrally-led development corporation we are proposing would provide us with the necessary powers, authority and access to finance to unleash ambitious and high-quality sustainable growth in Cambridge and its environs in the years ahead. I encourage all those with an interest in the future of Greater Cambridge to respond to our consultation and share their expertise, insights and knowledge.”

The Cambridge Growth Company, chaired by Peter Freeman, is working with local partners and industry to remove barriers to growth and a future development corporation could strengthen this by providing further leadership and long-term delivery for the region.

Peter Freeman said: “We all recognise that Greater Cambridge has an incredible track record for delivering good quality and sustainable growth and, has even greater ambition to see its innovation economy power inclusive jobs and prosperity for all. But we also all know that there are significant problems to address which are increasingly holding the area back. We must make sure that we make Cambridge and all the towns and villages around it more liveable than they are today.

“I strongly believe that a development corporation will give Greater Cambridge the tools, certainty and investment ability needed to deliver an infrastructure-first approach to sustainable growth. The role of a development corporation is to stay true to a shared vision, through economic cycles, and deliver it.  When we look back, there will be better transport; no shortage of, and better quality, water; there will be more open public spaces and more protected space for nature; there will be more jobs and more genuinely affordable homes.”

The consultation, launched on 4 February, will run for eight weeks and residents, businesses and local authorities are encouraged to respond. Details of the consultation can be read in full here.