THE NAME IS BOND: London’s Bond Street is getting its first major facelift for three decades with up to 20 million pounds, or $32 million, in investment aimed at transforming the area into a “great luxury promenade.”

The New West End Company, which represents businesses in the area, said Tuesday that Bond and New Bond Streets will be “radically” transformed with a 50 percent increase in pedestrian space thanks to wider sidewalks and a new two-way traffic system for cars on the northern end of the thoroughfare near Brook Street.

“Bond Street is one of the strongest luxury destinations in the world,” said Beverley Aspinall, managing director of Bond Street, part of the New West End Company. “Our plan will deliver significant commercial return as seen in other areas of London that have undergone a similar remodeling and investment over the last decade.”

Barratt West, managing director of Tiffany & Co., said the American brand would be “closely involved and supporting” the project to improve the shopping experience on the street. The refurbishment is set to be finished in time for the opening of Crossrail, a major new train link, in 2018.

The Bond Street project comes as the Crown Estate – which owns much of nearby St. James’s – rapidly revamps its properties, bringing in international retail names and a string of new restaurants.

Last month, the Crown Estate officially re-named the 200-year-old stretch of Regent Street that connects Piccadilly Circus with Pall Mall “Regent Street St James’s,” widening the sidewalks and making the whole area more pedestrian friendly.

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