Balham is being granted £1.9 million to improve the railway bridge and public spaces.
The Mayor of London has awarded the area the money in order to boost economic growth and employment.
Balham High Road railway bridge is to be given a makeover through improved lighting and public art.
Hildreth Street market will also be refurbished with landscaping and seating for shoppers, whilst a new performance area will be created at Balham Community Space.
People can also take advantage of a new public space which will be created at the Post Office forecourt on Balham High Road.
The money has been awarded from the Mayor's Outer London Fund, which was created to start economic growth and drive employment in areas which benefit less directly from the 2012 games.
Boris Johnson said: "London is the motor of the UK economy and prosperous local high streets are the collective beating heart.
"2012 is set to be a great year in the capital and I am in no doubt that London will emerge strongly from the economic downturn - but we must keep investing in our many high streets and town centres to address the historic neglect of these areas by others."
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