Local traders have given a tentative welcome to plans for a luxury hotel and market on a derelict tract of land next to Shoreditch High Street.
The development, dubbed Shoreditch Village, will also include new shops, restaurants and eight apartments and offices.
Silvia Vigorito, owner of Mie Mani hairdressers said of the scheme: “It will have good and bad effects.”
“On the positive side it will bring people to the area but there will be disruption as they build the development.
“I would expect rents will be pushed up as a result.”
Cynthia Samuels, owner of the clothes shop Noo Noos said: “I hope the shops will be independently owned rather than chain stores.”
“For my shop it will hopefully bring in more people to the area and this will be good for business.”
“I think it [Shoreditch Village] will be great and believe it will attract more people to the area and generate more trade for our business,” said Tena Strok, owner of luxury goods store Celestine Eleven on Holywell Lane.
At a Hackney Council planning committee meeting, on July 31, the property developer Lirastar Limited was given the go-ahead for the 150,000 sq ft mixed-use regeneration project ‘Shoreditch Village’.
Shoreditch Village is the vision of a consortium of private investors that have owned a derelict site, bordered by Shoreditch High Street and Holywell Lane, since the 1970s. The scheme will include a market, eight apartments, offices, retail units, restaurants and cafés as well as a new luxury hotel under the brand citizenM.
Dominic White, a director of Lirastar, said: “EllisMiller [Architects] took up the challenges of Shoreditch Village with great skill and have produced an outstanding scheme.”
“Our team engaged well with the local community and other stakeholders, and addressed the many challenges of this unusual site with imagination.
“Thanks to EllisMiller’s design skill, the scheme encapsulates Shoreditch’s unique character and will provide a real destination for people to live, work, shop, eat or simply enjoy.”
Richard Kingston, RK Retail, leasing agent for the project said: “Shoreditch Village will provide quality retail space for brands that are looking for an association with this trendy area. We believe the brands will play an important role in complementing the unique character of the scheme.”
Construction of Shoreditch Village is expected to start by the end of 2013 with a completion date of mid-2015.