The Romford Masterplan, first proposed in 2017, will be used by the planning department to guide development in the town centre.
The council will not be responsible for the developments themselves, but will only approve proposals that adhere to its vision for the area.
Councillor Graham Williamson, cabinet member for development and regeneration, said the scheme would “pave the way for new homes, significant investment and development projects that will benefit the local economy” while “protecting the character and history of the town centre”.
The masterplan will see the River Rom opened up and “recultivated”, the ring road will be “recharacterised” and the town’s market square will be “regenerated”.
The council also plans for the Brewery to be turned into a new entrance for Romford station, and to create safer routes into the town centre.
The town hall also hopes to balance Romford’s identity as a regional hub in both London and Essex.
It was formally green-lit at a meeting of Havering Council’s cabinet on March 12.
Cllr Williamson told the chamber the scheme was “long overdue” and the heavily revised scheme had been supported by the majority of residents.
He added that it would also “protect” the town centre from “unwanted development”.
Ray Morgon at the cabinet meeting (Image: Havering Council) He previously said that while Havering had not been earmarked for a new hospital, the council would ensure developers were building new schools and medical centres to account for the rising population.
Council leader Ray Morgon said there would also be a focus on skills training for younger people, in order to meet the needs of new businesses.
Cllr Williamson said Havering wanted to “get ahead of the game” on technologies that were important for the UK.
At a scrutiny meeting earlier this month, Conservative councillor Judith Holt said “rather too many” projects were currently unfunded and timelines had not yet been set.
She said a “huge amount of money” was needed and she was not certain it would be enough.
Cllr Williamson told the committee: “This is why you have to have the development. Without the development, there’s no money – we’re bust.”
The scheme has been in development since 2018 and went out for two six-week public consultations in 2019 and 2024.
Around 660 responses were received last year, with 73 per cent of residents saying they supported the plans.
During the same meeting, Cllr Morgon confirmed the town hall would be withdrawing the entirety of a £32.5million loan it was offered last year to cover overspends in social care and housing.