Lambeth Council’s bid for £22m of lottery money to regenerate Brixton town centre has received the backing of London Mayor, Ken Livingstone.

The borough council has applied to the Big Lottery Fund for the cash to finance the Living Landmarks Revitalise Brixton Project, which would see the regeneration of areas such as Brixton Market and Electric Avenue.

Livingstone visited Brixton last week to see the sites proposed for redevelopment. “I'm pleased that the new administration at Lambeth Council has decided to revive plans to modernise Brixton Central Square,” he said.

“The diversity of London’s communities played a major part in why we won the bid to host the Olympic Games and Brixton is one of the multicultural centres of our city.

“This bid will make a significant difference to the lives of residents and visitors who will be enjoying the city during the 2012 Games.”

The lottery bid assessors visited Lambeth earlier this month to consider whether the project will be granted £250,000 to fund a feasibility study – a decision is expected later this summer. A final decision on whether the scheme could go ahead would then be made in September next year. Details: www.london.gov.uk or www.lambeth.gov.uk

Photograph: (Visit London) Brixton market