Poplar Riverside to receive £51M investment
Tower Hamlets Council is to receive a sizeable £51M cash injection from the Greater London Authority (GLA) to develop Poplar Riverside as a Housing Zone.
Intended to deliver real and lasting benefit to both the environment and the community, the Poplar Riverside Housing Zone will see an approximate £2Bn invested into the area.
While the development will create an initial 3,034 new homes – of which 448 will be affordable – there is capacity enough to near double that provision over the lifetime of the zone. Future sites include Chrisp Street, Leamounth North and Aberfeldy.
A raft of additional improvements, intended to bolster connectivity throughout the region, will also be provided as part of the funding, including the creation of a number of new footbridges across the River Lea.
The Poplar Riverside development will also contribute to the local economy, providing up to 3,000 new jobs borough-wide.
Mayor of Tower Hamlets, John Biggs, said: “Over the years, Poplar and the Lea Riverside will be completely transformed. Receiving such a large amount of funding from the GLA to build much-needed housing in Tower Hamlets is a real achievement for the borough. Of course we need to get the detail, including the infrastructure, right.
“And connectivity between Tower Hamlets and Newham will be greatly improved by the work going on in the Poplar Riverside. This will place Poplar firmly on the map of London – and will deliver real benefits to the people of Tower Hamlets.”
Poplar Riverside is one of five such Housing Zones, each designated by the GLA. Housing Zones are areas identified as having significant potential to unlock and accelerate housing delivery in London, through targeted investment, engagement and planning.
With population growth a concern, Housing Zones are set to play an integral role in ensuring current rates of house building in London are doubled.
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