Finsbury Square could be given major overhaul with underground retail and leisure complex
- Credit: Archant
Plans for a major redevelopment of Finsbury Square could see the underground car park transformed into a retail and leisure complex.
Hondo Enterprises, which owns AG Finsbury Square BV, the leaseholder of the underground space, is in talks with Islington Council about the project.
The town hall, which owns the freehold of the land, had already set up a taskforce led by former environment chief Cllr Claudia Webbe to look at giving the square a makeover before Hondo made its plans known.
Now, as well as the underground conversion, it is understood Hondo would restore the open space at no cost to the council.
A report states: "Finsbury Square is in need of attention given its poor condition and the impression that creates in the context of its location close to the City.
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"Officers recommend taking the proposal forward as it represents the most realistic option for the council to achieve its objectives of improving Finsbury Square and generating increased income whilst representing an acceptable level of risk to the council."
A decision will be made on Thursday.
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