The first phase of the development will see the construction of a building reaching up to 22 storeys to comprise 161 new flats. The building will have penthouses, a roof garden and private communal open space at ground level.
The Ruskin Square Masterplan, which the Council granted outline consent to in July 2011, sets out plans for a mixed-use redevelopment of the nine acre site to provide 550 homes as well as 1 million square feet of office space. The plan is part of the Council's wider East Croydon Masterplan which sets out the vision for adjoining areas around East Croydon Station.
"Stanhope and Schroders are delighted that the first phase of housing at Ruskin Square has been approved and we intend to get on site shortly to commence preparatory works for construction," said Schroders fund director Ian Mason in a statement.
“We want to ensure that there is animation and activity on this important site, together with the new bridge at East Croydon Station, so that Ruskin Square fulfils its role as Croydon’s Gateway. With other positive developments in planning and development in the town, this is great news for the regeneration of Croydon," Mason said.
The scheme was granted £4m of funding through the Government's Growing Places programme to help start construction of the first phase. The funding was awarded by local enterprise partnership Coast to Capital.
