HOPES that work on Stanhope/Schroders Ruskin Square development will start towards the end of year have risen.
The increased optimism comes as the developers announced they have received £3.7m from the Homes and Communities Agency (HCA) to set the first housing phase on its way.
It follows the granting of planning permission last month for the first housing element of the development next to East Croydon Station, which comprises 161 one and two-bedroom apartments in a building ranging from nine to 22 storeys high.
A spokesman for Stanhope/Schroders said this week: "The challenge of major regeneration projects is that they require significant upfront infrastructure investment.
"Public sector investment in the form of infrastructure loans is one way to overcome the obstacles and issues with viability in the early phases of large-scale and complex projects."
He added: "The £3.7m loan provided by the HCA under the Government's Get Britain Building fund is crucial in acting as a catalyst so that Stanhope and Schroders expect to be on site building the first phase of residential towards the end of this year."
