Sheffield’s Olympic Legacy Park (OLP) – the largest London 2012 legacy project – has won £4.9m (US$6.5m, €5.9m) in infrastructure funding.

The investment has been provided by the Sheffield City Region Investment Funds (SCRIF), which comprises government funding and contributions from local authorities and private sector partners.

Money will be invested in creating the public realm, including all green spaces, drainage, utilities and spaces for developing health and sport innovations outside.

Work is due to begin in September and will be completed by March 2017. Sheffield-based companies – ARES Landscape Architects, ARUP and Turner & Townsend – will deliver the project.

“The funding from the SCRIF will support the delivery of the park’s infrastructure which, in turn, will support private sector investment opportunities in new offices generating economic growth and new jobs for the Sheffield City region,” said David Hobson, project director of the OLP.

OLP project lead and former sports minister Richard Caborn added that the development will “bring to life this part of Sheffield with a revolutionary and collaborative approach”.

The development is being overseen by Legacy Park Ltd, a joint venture between Sheffield Hallam University, Sheffield Teaching Hospital NHS Foundation Trust and Sheffield City Council.

The 35-acre site is the home of the English Institute of Sport Sheffield (EISS), iceSheffield, Altitude, Don Valley Bowl, the Advanced Wellbeing Research Centre (AVRC), Oasis Academy Don Valley, community sports pitches and arena, a hotel, running and cycle paths, and green open spaces.

British Basketball League (BBL) team the Sheffield Sharks will play at the £3.5m (US$4.7m, €4.2m) multi-sport Park Community Arena, while rugby team the Sheffield Eagles will host matches on the outdoor community pitch.