The funding has been awarded by local enterprise partnership Coast to Capital and is expected to be used to start construction of the first phase of 170 residential units and the associated works for a new route between the town centre and East Croydon Station.
The Ruskin Square development is a nine acre mixed use office and residential scheme adjacent to East Croydon Station. Proposals include one million square feet of grade 'A' office space and 550 new homes. The development plans also includes a "major" new transport hub that would be situated next to the office and residential buildings.
It is hoped that the development will create a new business and residential quarter at the 'front door' to Croydon and lead the regeneration of the whole of Croydon's central district.
“Ruskin Square is critical to Croydon's regeneration - it's the primary gateway into the borough, occupying a key site between the town centre and one of the capital's busiest transport hubs at East Croydon station,” said Jon Rouse of Croydon Council.
The outline planning permission for Ruskin Square has been designed to complement the East Croydon Masterplan, which has been led by Croydon Council. The East Croydon Masterplan includes proposals for £20m of improvements to the Station, which includes a new bridge that is currently under construction and is planned to be delivered in mid 2013. The bridge will provide a second entrance to the Station.
"This welcome injection of funding will unlock a first phase of housing at Ruskin Square and a new direct route, to be used by 20,000 people, through the site connecting the Station with the town centre by 2013," said Ian Mason of Schroders and David Camp of Stanhope.
Coast to Capital has allocated over £14m of funding toward five different projects, which have a total value in excess of £173m and will potentially provide over 2000 jobs. Other projects include, Airfield Park in Bognor Regis, the i360 in Brighton, Caterham Fast Fibre Hubs and the Malling Brooks in Lewes.
"I am very pleased to announce we have five very strong projects that have the potential to stimulate growth within the Coast to Capital area," said Tim Wates, chairman of the Coast to Capital growing places investment committee. "Ruskin Square in Croydon will be a catalyst for significant investment within the Borough".
