Croydon Council has agreed special measures for the development of a £1bn regeneration scheme by Westfield and Hammerson.
The council has approved the use of a compulsory purchase order to bring together land for the major development project.
Croydon is also set to benefit from a bid for public sector funding by Local Enterprise Partnership Coast to Capital, which covers Croydon, West Sussex, Brighton & Hove, Lewes, East Surrey and the Gatwick Diamond.
The LEP has outlined plans to bid for a £559m pot of government funding for a widespread investment programme.
If successful with its bid, Coast to Capital has committed to create 60,000 new jobs, 27,000 new homes and 970,000 square metres of new employment space.
The LEP would also invest £550m of public sector funding from local authorities and the higher education sector as well as leveraging £2.78bn of private sector funding to support the proposals.
Mr Perry added: “Croydon may be only one patch of what is a large area of the south-east, but I believe we can play an important and influential role in the future prosperity of the region.”
Coast to Capital’s strategic plan will now be considered by government alongside 38 other plans prepared by LEPs across the country that are competing for a share of the government’s £2bn local growth fund.
This week labour leader Ed Miliband, pledged £20bn over the course of a parliament of devolved funding for cities and towns for transport and housing infrastructure, if his party wins the next general election.
Croydon approves CPO for £1bn regeneration:
Meanwhile the council approved the use of a compulsory purchase order to bring together land for the major development project.
The Croydon partnership is a 50:50 joint venture between Westfield and Hammeron and was given planning approval in November last year.
The CPO will now be submitted to government for confirmation later this month.
CPOs are used by local authorities to assemble land for complex regeneration projects which are in the public interest and usually involve multiple land ownerships.
Croydon councillor and cabinet member for planning transport and regeneration Jason Perry said: “Given the scale of this regeneration and the diversity and complexity of some of the land ownerships involved, it is unlikely that the developers will be able to reach agreement with all parties within a reasonable timeframe.”
He stressed that local authorities had the ability to ensure regeneration projects like this one could progress quickly for the “good of the local community and economy”.