Tottenham gets £500m boost as work begins on new stadium
Published by Max Salsbury for 24dash.com in Local Government and also in Development, Housing
Multi-million pound Tottenham Hotspur stadium plans to transform White Hart Lane area
The government has allowed Haringey Council a £500 million borrowing guarantee to put towards the regeneration of Tottenham.
The deal means the council, the Greater London Authority and private sector have the financial security to transform Tottenham with thousands of new homes, better transport links, leisure facilities and business workspace.
Nearly £1 billion of investment is already committed towards the area's regeneration plans, and work on Tottenham Hotspur’s 56,000-seater stadium-led development has already started.
Work on Phase 1 of the project, which includes a new Sainsbury's supermarket with commercial space above, which will be located to the north of the new stadium, began in October last year with an estimated full completion by mid-2014.
In a statement, Tottenham Hotspur said: "We continue to move forward with the delivery of the new stadium, which will be sited to the south of the new Sainsbury's supermarket, and the construction tender process a key next step which we will be looking to progress in the next year."
The council has also announced an agreement that Transport for London will take over management of the West Anglia train routes through Tottenham, as well as the £90m electrification of the London Overground line through South Tottenham Station.
Council Leader Claire Kober said: “I am delighted that Haringey Council’s ambitious regeneration plans for Tottenham have now been given secure financial backing by the government.
“Today’s £500m guarantee means we can now get on with the task of bringing up to 10,000 new high-quality homes and more than 5,000 new jobs to Tottenham with confidence, giving better opportunities to local people."
“Better transport links are key to securing Tottenham’s future, and bringing our rail networks under the control of Transport for London will help secure improvements for our residents as well as the increasing number of people who want to make the area their home.
“We’re well on our way to bringing change to this community, but today’s announcement means we can step up and truly transform Tottenham.”