Lambeth council has received £50,000 from the Heritage Lottery Fund that could unlock a multi-million-pound windfall for Brixton.
The award of the Townscape Heritage Initiative grant was announced on Thursday, March 28.
The money will be used to work up a second bid with the local community and other partners for a further £1,950,000 that would be spent on areas in Electric Avenue, parts of Atlantic Road and the Reliance Arcade.
If successful, the money from this second bid would be used to bring back into use empty residential and commercial premises, reinstate lost architectural features such as shop fronts, signage, window and other historic detailing to improve the historic environment.
Councillor Pete Robbins, cabinet member for regeneration, said: “This is great news for Lambeth and Brixton. This was a very competitive bid and the fact that we were successful speaks volumes for the importance of this part of Brixton.
“Looking ahead, this would provide a catalyst for the redevelopment of Brixton Station and complements the success of Brixton Market and Village.”
Sue Bowers, Head of HLF London, said: “The Brixton Townscape Heritage Initiative is right at the heart of Brixton and includes Electric Avenue which became an internationally famous landmark thanks to Eddy Grant.
“This is an exciting project which will not only conserve the area but also help local businesses to grow and the wider community to feel more engaged with the history of where they live.
“We feel hugely optimistic about the long-term impact of these proposals and so have not hesitated in awarding our initial support as well as a more immediate development grant.
“We look forward to working with the London Borough of Lambeth and watching the project progress over the coming year.”