NEW homes, new jobs and improving district centres are at the heart of the "Croydon Promise" plan for regeneration approved by the council's cabinet on Monday.
The Promise sets out key points which the council says are essential if Croydon is to take advantage of the economic recovery and a growing desire to invest in the borough.
The growth plan also includes establishing a revolving investment fund which will allow the council to draw in money from both the public and private sector to help future regeneration.
Main elements of the Promise include starting on 9,500 new homes over the next five years; creating 16,000 jobs; overseeing the Westfield/Hammerson redevelopment of the Whitgift Centre and Centrale, with work due for completion in 2020; aiming to see 2,000 new business starts a year; establishment of a university and improved transport.
In addition the plan also sets out the council's commitment to reinstate Croydon's position as a premier office location by accelerating the development of one million square feet of high-quality office space, making the location the largest centre of accommodation outside Canary Wharf, the City and West End.
Councillor Alison Butler, the council's cabinet member for homes and regeneration, told Monday's meeting that the council was intending to hold detailed consultations with residents and businesses in district centres to discuss improvement plans and ensure, they, too, benefited from the overall regeneration of Croydon.
She said: "The Croydon Promise is a commitment to what the council can and will do."
"We will be leading from the front in making growth happen.
"Let us encourage our businesses and our people and if we have money to spend let's ensure that it goes into Croydon businesses and Croydon services."
The Promise was supported by Steve Yewman, the development director for Westfield, who told the cabinet it focused on the need for delivery. He said: "We believe there is a massive opportunity for creating employment across the borough and we want to see cross-party support to see this pushed forward."
Giving a guarded welcome and support to the plan, Conservative opposition leader, Councillor Tim Pollard described it as a continuation of a strategy that the previous Tory administration had been developing for a number of years.
After the meeting, council leader Tony Newman said: "We are on the cusp of massive regeneration across the borough, with exciting plans which will transform our borough bringing huge benefits to local residents.
"The growth plan is really important in setting out how we will deliver and ensures Croydon doesn't miss out on the opportunities created by another economic cycle."