Boris Johnson is planning to use Crossrail links and the HS2 route to transform a neglected part of London into a prosperous new district which will deliver a much-needed economic boost estimated to be worth £6 billion.
The Mayor wants to establish an Olympic-style regeneration agency to oversee the project, which will be a mixture of residential and commercial development surrounding Old Oak Common, which is set to become a transport superhub serving 250,000 rail passengers.
The Mayoral Development Corporation on Old Oak Common (MDC), will begin planning work in 2014 at the 195-acre, semi-industrial site. By the year 2025, the area north-west London is forecast to resemble a “mini-Manhattan,” complete with apartments and skyscrapers.
Funding for the development will be provided by borrowing against enhanced land values, which will eventually come in line with Chelsea and Kensington. A levy will be paid by local businesses, which will create a template for other schemes along HS2.
The Mayor has provided HS2 bosses with a list of transport demands to make the most of the opportunities at Old Oak Common. They include:
A City Hall study into Old Oak Common has recommended that the new metropolitan destination be connected to the existing public transport hubs and developmental opportunities. The full plan for the superhub will be revealed next month at a summit hosted by the Mayor at City Hall.
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