Tower Hamlets Council will receive a £51 million cash injection from the Greater London Authority (GLA) to develop Poplar Riverside as a Housing Zone.
This site will see more than £2 billion invested into the Poplar area, and will deliver real change to the environment and to the community.
The Poplar Riverside Housing Zone will initially see the creation of over 3,034 new homes in sites across Poplar, 448 of which will be affordable. There is capacity to almost double the number of new homes over the life of the zone. These sites include: Chrisp Street, Leamouth North, and Aberfeldy.
In addition, the funding will see improvements in connectivity in the Poplar area, including the creation of new footbridges across the River Lea.
The development of Poplar Riverside will also provide up to 3,000 new jobs in the borough, a new local park, and two new primary schools.
Work has already started with the regeneration of the Aberfeldy Estate.
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.”
The GLA has designated a further four Housing Zones across London. These are areas which have been identified as having substantial potential to unlock and accelerate housing delivery in London, through targeted investment, engagement and planning.
Housing Zones will play an important role in ensuring current rates of house building in London are doubled in order to address the issue of population growth. It aims to consider innovative and flexible ways to encourage this.