The scheme, which will be delivered by Islington and Shoreditch Housing Association and its development partner Hill Residential, will include a nine screen multiplex cinema, 18,000 square feet of shops and 121 new homes, of which 50 will be affordable. The Council said it expects the scheme to create over 100 new jobs.
The Council's planning officers said in their report (46-page / 290KB PDF) to the planning committee that the proposal site represents a "significant major regeneration site and opportunity" not only for the area, but for the borough as a whole. It said that the development would provide a "major catalyst" for further investment in Walthamstow and that evidence of this had already been seen.
"Officers are satisfied that the proposed scheme has met the requirements for a development of this scale and position in relation to the major factors of design, amenity the scale and satisfactorily can therefore not be underestimated," the report said.
The Council said it expects the development to act as a catalyst for the ongoing regeneration of the town centre, stimulating a "greatly enhanced night time economy" and providing a gateway to Walthamstow High Street.
“The Council has made regeneration a priority and the decision by the Planning Committee last night is just the latest development to result from the hard work we have been doing to try to help make Waltham Forest a better place to live,” said Council leader Chris Robbins in a statement.
“While specifically this development will be a great boost for Walthamstow, it is also an asset that everyone in the borough will hopefully get a great deal from,” he said. “The Arcade site has been under-utilised for far too long and not only will this development bring that important central site back into full time use, but I’m certain it will encourage further regeneration and development."
“Ultimately we’re talking about a better town centre, jobs for local people, much needed new housing and leisure opportunities for residents where they live. I think that has to be seen as good news for the people of Waltham Forest,” Robbins said.
Construction on the site is expected to start in the spring.
