The Homes and Communities Agency is to provide funding for a £29 million mixed-use development on Holloway Road in Islington, North London
Under the terms, the HCA will provide £3 million a year for the project, which is due for completion in 2011.
The mixed-use scheme designed by Porphyrios Associates and developed by First Base will consist of 119 units including one, two and three bedroom affordable homes built around a new landscaped courtyard.
It is one of five ‘stalled’ projects targeted by Boris Johnson, Mayor of London and the HCA for a £135 million intervention. Other schemes included those in Southwark, Tower Hamlets, Hackney and Greenwich.
The AJ reported in May that the HCA was to invest £16 million to kick start two more cash-strapped development programmes.
The government quango is injecting £13 million into the revamp of Clapham Park in the London borough of Lambeth by Levitt Bernstein and Pollard Thomas Edwards, and a further £3 million into Hale Village in Haringey by BDP and KSS.