Proposals for the redevelopment of Aldgate and Cheapside - designed to make them business, retail and leisure destinations - have reached their final stages.
The policy and resources committee at the City of London Corporation has voted to take forward proposals designed to ensure that Aldgate and Cheapside are transformed into even more vibrant business, retail and leisure destinations.
Plans for the Aldgate and Cheapside Business Improvement District (BIDs) were given the go-ahead and will now be taken to their final stage of approval – a ballot by ratepayers in each district who would be liable to invest in the area.
In the event of a successful ballot, the BIDs will be established as investment vehicles for their respective areas to revamp and reimagine Aldgate and Cheapside.
The projects will align with the City Corporation’s Corporate Plan 2018-23, which aims to contribute to a flourishing society, support a thriving economy, and shape outstanding environments.
A BID is a geographical area in which the local businesses have voted to invest together to improve their local environment.
Spanning the City of London and Tower Hamlets, the Aldgate project will comprise of two BIDs, in a collaborative, cross-border effort between the City of London Corporation and the Aldgate Partnership. The Aldgate BIDs will be overseen and implemented through a single governing body to ensure a holistic approach for Aldgate, and will help to rejuvenate the area through regeneration activities.
These will aim to support improvements in infrastructure and transport, implement air quality measures, create a local small business network, and strengthen the Aldgate brand.
The Cheapside BID was first established in 2015 and is seeking a second five-year term, which will be driven solely by the City Corporation via the Cheapside Business Alliance. It is aspiring to promote the area as a seven-day retail and leisure destination by focusing on environmental measures and urban greening, enhancing Cheapside’s cultural offer, and supporting local employment and training opportunities.
All of the BIDs have been developed following extensive consultation with local businesses and stakeholders, and in the case of Aldgate, equal representation of City of London Corporation and Tower Hamlets stakeholders.
Based on current timetables, the BIDs should go live in April 2020 and will be five-year long projects.
Catherine McGuinness, policy chair at the City of London Corporation, said: “Cheapside and Aldgate are two areas which contribute an enormous amount to the fabric and vibrancy of the City.
“But while there is lots to celebrate in these areas, we also recognise that more needs to be done to boost and rejuvenate local business communities.
“That’s why we have voted to progress these BIDs to their final stage. If approved, we will continue to work closely with businesses, workers and residents in Aldgate and Cheapside to transform these areas into more lively and pleasant places to live, work and visit.”