Enfield Council has laid out a 10-year budget of £531m for the development of Meridian Water in the Lea Valley, east London.
The council will use the funds to deliver the first 5,000 homes and up to 3,000 jobs at the 210-acre site.
The timeline includes a £286m budget to be spent over two-and-a-half years, with a future indicative budget of £245m.
It includes a £156m grant recently awarded from the government’s Housing Infrastructure Fund to deliver rail works, road infrastructure and land remediation.
The budget also allows for funds for future land acquisitions to enable the HIF works.
Enfield’s cabinet approved the £286m budget up to 2021-22 last month, and the full council will debate this and the 10-year financial plan at the meeting today (20 November).
Earlier this year, the council selected Galliford Try to deliver the first phase of Meridian One, comprising 725 homes, public realm and retail around the new Meridian Water railway station.
Later phases, including the second residential site of 250 homes and the first employment site will be initiated with a separate procurement process.
The £6bn regeneration will deliver 10,000 homes alongside public space, community facilities and road and rail networks over 25 years. However, it has been slow to get off the ground.
The Meridian Water project was first mooted in 2011, when Enfield began seeking investment partners to build 5,000 homes. In 2015, it changed tack and started to look for a master developer.
However, the project struggled to take off after Hong Kong’s Pacific Century Premium Developments walked away, with Barratt Developments – one of the UK’s largest housebuilders – having also turned down the partnership for the 10,000-home site in late 2017.
After the loss of potential master developers, the council changed tack again and opted to look for multiple partners to deliver the overall site.
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