This week our new Venue Host Ben has written a blog about the new regeneration project happening in Elephant and Castle.
The Elephant & Castle Regeneration Project.
There is currently a £3 billion regeneration programme underway in Elephant and Castle as it was recognised by The Mayor of London’s plan to be an “opportunity area where growth can happen and should be encouraged.” With the combined efforts of developers, housing associations, local institutions and the community, this will convert the area in to an exciting new destination within London over the next 15 years.
It is forecast by the government’s demographic projections that by 2030 London will have over 10 million inhabitants, by which time the new and improved Elephant and Castle will have delivered huge benefits to its community. Over 5000 new homes will be built, and to date 428 affordable new homes have been constructed, meeting their target rent prices.
As families move in to this area, they will have the opportunity to support their local markets as the existing, and much disliked shopping centre constructed in 1965 is going to be completely demolished and replaced by a pedestrianised town centre and market square. This will provide over 450,000 square feet of retail space for shops and restaurants across the area. This new development will not only create an enormous number of jobs in the retail section, but more than 6,000 jobs will be created from the construction of the Heygate estate alone.
The Southwark council plans on investing more than £240 million in education and culture in the region. In addition to this, more than £140 million is to be invested in to the improvement of the transport systems; including the northern roundabout and a major upgrade to the Northern Line ticket hall. Work to the southern roundabout was included within the councils plan but has since been completed successfully, with subways filled in, making the junction safer for pedestrians and cyclists passing through the area.