Westminster City Council has signed a new agreement and approved the next stage of a £90m investment in Oxford Street this week.
The council and the New West End Company (NWEC) signed a memorandum of understanding agreement for the central London shopping destination.
The partnership, which the council has called ‘one of the capital’s most significant public-private ventures in recent years’, includes plans to joint-fund the Oxford Street project.
On Monday, Westminster’s cabinet signed off £7.8m for the next phase of design work, with the total revamp expected to cost £90m.
Construction is expected to start next autumn, with plans involving improved footways, greening and seating along the length of Oxford Street from Marble Arch to Tottenham Court Road.
Junctions, including at Oxford Circus, will be redesigned to create more space for pedestrians and 12 new controlled pedestrian crossings will be installed.
Cabinet member for planning and economic development Cllr Geoff Barraclough said: ‘After years of abandoned schemes, we are now about to finally get under way with a deliverable plan to breathe new life into Oxford Street.
‘With the support of our partners at NWEC, we now have a coalition of the council, retailers, landowners, and others in place to develop a practical but also ambitious plan.’
