Surrey has received a £95 million grant from the Government to support road improvements and unlock new housing on the A320 Guildford Road in Woking.
The funding from the Ministry of Housing, Communities and Local Government will unlock land to build up to 4,500 homes in the town.
It will pay for the widening of the Victoria Arch Bridge, for road improvements, buying land and connecting utilities.
The project, which is being delivered by Surrey county council, is expected to significantly reduce congestion in the area, as well as opening up land for housing. Enterprise M3 supported the project with funding for the business case.
Enterprise M3 Chief Executive, Kathy Slack, said: "EM3 played a key role in working with JLB leaders and chief executives to present a united front on these proposals. Additionally we invested in funds (loans) to support capacity building to enable council to prepare high quality proposals .
"A wonderful example of how the LEP working with others have championed these funds and the needs of the area and invested a relatively small amount to achieve a bigger prize. And most importantly secured funding to support the building of homes for our valuable workforce.
"A huge thank you to team members especially Kevin Travers (Head of Transport) and Rachel Barker (Assistant Director – Operations) who have worked on this initiative and to Kevin Lloyd who worked on this approach prior to joining us. And a well done to those in Surrey and Woking who worked on this."
Colin Kemp, Deputy Leader of Surrey County Council, said: “We’re delighted that this funding has been awarded as it will help deliver infrastructure improvements in both road and rail as well as facilitate new housing in Woking and the surrounding area .
“Working in partnership with Woking Borough Council means we’re helping to keep Woking’s town centre a vibrant and attractive place for employers, retailers, residents and visitors.”