The Square Mile is to get two new business improvement districts with more than £30m of investment aimed at public realm improvements and environmental campaigns.
Businesses this week voted in favour of establishing the Fleet Street Quarter and the Eastern City Partnership. The two BIDs will go live in April for a five-year term.
They will join two similar groups already established in the City, in Cheapside and Aldgate, and more than 70 across London. BIDs use private investment to lobby on behalf of the business community they represent.
The bulk of the combined investment – about £21m – will be channelled via the Eastern City Partnership, and will be aimed at making the eastern part of the district more welcoming and environmentally friendly. The Fleet Street Quarter will spend £12.5m on similar enhancements in the area.
Catherine McGuinness, policy chair at the City of London Corporation, said: “As the City’s economic recovery from the pandemic gains pace, we look forward to working collaboratively with all City BIDs as they seek to deliver their vision.
“We know BIDs can be influential in engaging with communities and in promoting the continued reinvention of an area.
“We hope the establishment of the BIDs in the Fleet Street Quarter and Eastern City locations will be the catalyst for investment and growth for the local areas and for the Square Mile as a whole.”
Ruth Duston, managing director of Primera Corporation, the regeneration consultancy which helped establish both the Fleet Street Quarter and the Eastern City Partnership and led the BID ballot campaigns, added: “BIDs in the capital are a powerful and strategic force for good. From transformational public realm projects to supporting small businesses and making areas safer, cleaner and more pleasant places to visit or work, BIDs have a proven track record for driving change and innovation.
“These positive results mean that the opportunities for the Fleet Street Quarter and Eastern City areas are significant, giving the private sector a real say in the future evolution of these fantastic locations.”
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