Out-Law News | 14 Mar 2014 | 2:22 pm |
The Mayor's office has published draft key objectives and powers for the MDC, which will drive the regeneration of the 195 acre site to create up to 24,000 new homes and more than 55,000 jobs. The scheme is intended to maximise the benefits resulting from the construction of a High Speed 2 (HS2) and Crossrail station, due to complete in 2026.
Mayor Boris Johnson said in a statement that the scheme could be worth up to £6.2 billion to London's economy and could potentially supply Greater London with up to 2.5% of its housing need and almost 14% of its employment need up to 2031.
"The arrival of Crossrail and HS2 will lead to the creation of an entirely new city quarter for London, if we get the design and transport links right," said Johnson. “By working with the three local authorities, we will be able to best maximise this once-in-lifetime opportunity to spark widespread economic and social regeneration to a part of the city that is in desperate need of major improvement."
"This advance planning will ensure we generate significant benefits for Londoners especially for people in the local area, which includes much needed new homes and jobs,” Johnson added.
Johnson said it is hoped the MDC will be established by early summer 2015, subject to approval by the London Assembly and the secretary of state.