Through the creation of an innovative new ‘Growth Zone’, Croydon will deliver a £5.25bn regeneration programme by 2031, creating 8,300 new homes and 23,600 new jobs.
The ways this money would be raised include:
Croydon also proposes creating a metropolitan centre development company and a rolling investment fund to help deliver housing, infrastructure and private sector development.
Leader of Croydon Council, Tony Newman said: “There has never been a better time to invest in Croydon and support our ambitions for growth.
“Croydon is a modern European city on the cusp of a massive, once-in-a-lifetime regeneration opportunity, bringing with it multi-billion pound investment, and thousands of new homes and jobs – which we are ready and able to deliver.
“Central government and the Mayor of London know that cities like Croydon hold the future to the economic regeneration of the entire region, and that’s why we’re asking them to help us to reach our fantastic potential.
“Everything is aligned and ready to happen right now; and by giving us the powers to make our own decisions, and to raise our own funds and reinvest them locally will not only kick start our delivery programme but help us unlock that potential and deliver our vision.”
Gavin Barwell, MP for Croydon Central said “Croydon is one of the best places in the country to live. Our reputation as a dynamic, exciting place to live and work is attracting an unprecedented number of developers and businesses to our borough.
“Croydon has the potential to unlock huge economic regeneration in London and the South East, and I’ll continue to do everything I can to help make it happen."
Steve Reed, MP for Croydon North said: "Croydon is an Olympic scale opportunity for London.
"Croydon can deliver a scheme at the scale of a new garden city in around half the time, and the council is committed to ensuring that this growth delivers benefits for all those that live, work and invest in Croydon."
The Mayor of London has invested £23 million towards the regeneration of Croydon town centre, including a £5 million package to attract businesses and an additional £5 million to improve the key entrances to the town.
The Mayor’s Office is working closely with the council to lobby Central Government for these new devolution powers.
The news comes as the council continues its work on a unprecedented investment programme, which will revitalise the city centre, including 28 new parks and public spaces, and major improvements in and around East and West Croydon stations.
It is working with private sector partners on development projects which will bring forward major commercial schemes and 9,500 new homes starts across the borough in the next five years.
These works include the £1billion Whitgift Centre development, a joint venture led by Hammerson and Westfield under the Croydon Partnership, incorporating London’s third Westfield shopping centre.
In order to demonstrate Croydon’s vision the council has commissioned a CGI to show how the borough could look in 2020.