The plans includes a new arts centre, indoor market hall, new shops for independent retailers and studio spaces for small businesses and community groups.
Westway Trust, the charity behind the scheme, said it had listened to local demand and will keep the distinctive white canopy that hosts the vintage clothing market next to Portobello Green.
It expects to create 150 new jobs as well as apprenticeships and increasing market trading hours.
The redevelopment focuses on the neighbourhood linking Ladbroke Grove and Westbourne Park and the Trust hopes more people will head further north up Portobello Road, drawn by the new facilities and more live events.
Westway Trust chief executive Angela McConville said: “We have listened to local people and their views are reflected in our plans to provide improved spaces to enhance the area’s cultural life.”
The new scheme includes:
- An arts and culture centre on Acklam Road, sound-proofed and have a year-round, all-day programme of events including film screenings, live music, theatre, arts workshops and exhibitions.
- The existing shopping arcade under the Westway flyover on Thorpe Close will be redesigned to create a spacious, light and modern indoor market hall.
- Portobello Green will get a new stage and a grass area for performances and a children’s play area.
- The white canopy that hosts the vintage clothing market next to Portobello Green will be kept
- A new heritage sign of ‘Portobello Green’ to be viewed by drivers on the Westway flyover.
- The Acklam car park will become home to independent retailers on the ground floor and 13 ‘affordable’ one to three-bedroom flats will be built above.
- Proceeds from housing will help the Trust meet the overall scheme’s costs, which will also be funded by cash and borrowings.