The Old Kent Road has been shortlisted to receive a share of £675 million from the Government's Future High Streets fund.
Southwark Council's application on behalf of Old Kent Road has progressed through to the next stage. The Government will provide the council with £150,000 to develop its plans more fully, with a potential £20 million in funding if the application is successful.
Cllr Johnson Situ, cabinet member for growth, development and planning, said: "We have an ambitious vision for the Old Kent Road, to build on its unique creative character and make it a place where industry can thrive, people can enjoy cleaner, greener open spaces with better air quality, more sustainable transport options like cycling and public transport, and we can deliver the social rent and genuinely affordable homes Southwark needs.
"It is fantastic to have this ambition recognised by our bid for Future High Streets Fund reaching this next stage, guaranteeing us up to £150,000 to use to develop our bid for potentially millions of pounds worth of funding in the future, to put towards our proposals for the Old Kent Road area.
"This will help us support our local businesses and industries through the next few years as we create a thriving new town centre and nurture new businesses and organisations that will continue to provide jobs and opportunities for local people in the future."
Announcing the 50 areas shortlisted for funding, high streets minister Jake Berry said: "High streets are a crucial part of our local economies and people care about them because they are also the centres of their community.
"But we recognise that changing consumer behaviour and the rise of online shopping presents a significant challenge and that's why we are taking action to help them evolve.
"Many of our high streets are successfully re-inventing themselves and with these new plans now in development, local leaders, who know their areas best, will be driving forward the transformation of their town centres into further great success stories."
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