London Assembly member Richard Tracey has urged the Mayor of London to combat funding fears for the Vauxhall Nine Elms Battersea (VNEB) regeneration area by making it an ‘enterprise zone’
Tracey, whose constituency covers the VNEB area, has warned that important transport improvements could be derailed by a shortfall of almost £60 million.
Projects in Nine Elms include Kieran Timberlake’s proposed American Embassy, the Rafael Vinoly-masterplanned redevelopment of Battersea power station and mixed-use schemes by Rogers Stirk Harbour and Partners, Fosters and Allies & Morrison.
Tracey has written to Boris Johnson to highlight the difference between the £908 million estimated cost of transport upgrades and the £850 million of funding that has been found so far.
He said: ‘This is a matter of extreme concern. If the development is not underpinned by improved transport links and new Underground stations to enable people to get to and from the area, then I believe its attractiveness will be greatly diminished.
‘Therefore I have written to Boris to urge him to consider making the area an Enterprise Zone.
‘Such a move would create the right business environment to generate the investment sums needed, allowing the Tube line to be built. It would open up the whole area to a bright future.’