The Electric Quarter Scheme in Ponders End will transform the area with new homes alongside new commercial and retail space off the High Street and Queensway.
Subject to the proposals completing the full planning and public consultation process, construction work on the redevelopment programme is set to start in 2015.
The scheme proposes approximately 160 homes for open market sale and 88 homes for affordable and intermediate rent as well as the creation of 1,050 sqm of non-residential spac
Key elements include the revitalisation of the High Street frontage, with the creation of new small-scale retail units and a new High Street home for Ponders End Library.
All the new homes will be built to high energy-efficiency standards, achieving Level 4 of the Code for Sustainable Homes.
As well as high-quality new homes, the scheme will deliver a major boost for the local economy with new retail floor space and the creation of new jobs.
Lovell will provide up to 10 construction apprenticeships giving local young people the chance to gain trade qualifications working on the scheme, along with opportunities for work experience placements. The company aims to draw at least 30 per cent of its construction workers from the local area.
The Electric Quarter scheme – named in honour of electric light bulb inventor Joseph Swan who lived on Ponders End High Street – was awarded to Lovell through a competitive tendering process.
Lovell regional director Peter Taylor says: “It is exciting to bring our expertise in delivering large-scale, complex urban regeneration programmes to this major mixed use project for Ponders End.
“Delivering much-needed high-quality open market and affordable homes, alongside new retail, community and commercial space, the scheme will make an important contribution to the ongoing regeneration of the area.
“As part of our commitment to leaving a life-changing legacy of benefits in the communities where we work, the physical regeneration of the neighbourhood will be accompanied by the creation of significant job and training opportunities for local people.”