The transformation of Highbury Corner will see the 1960s roundabout removed and replaced with two-way roads, as well as the installation of segregated cycle lanes on all three remaining sides of the roundabout.
In addition, new public space will be created for residents and visitors to enjoy, while improvements to the junction will boost safety for cyclists, pedestrians and all other road users.
Last year, TfL named Highbury Corner as one of the capital's worst junctions on its Safer Junctions list.
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Construction is expected to start on 28 June with work scheduled to continue until late 2019.
Deputy Mayor for Transport, Heidi Alexander, said: "I'm delighted that work that is getting underway on these plans that will improve safety and improve the environment for everyone who uses Highbury Corner.
"With more segregated cycle lanes across the junction, improved pedestrian crossings, and a new public space the transformed junction will encourage even more people to walk and cycle as part of their everyday routine. The changes are a great example of a council working closely with TfL to improve quality of life for everyone."
Ben Plowden, TfL's Surface Transport Director of Strategy & Network Development, said: "Once complete, one of London's most dangerous junctions will be transformed and will support the movement of more people by making walking, cycling and public transport easier and safer. The new junction layout will also safely open up a tranquil pocket of greenery in the middle of the city for all to enjoy.
"There will be some disruption while the work is taking place, so Londoners are advised to plan ahead and leave more time for their journeys after the work starts."
(LM/MH)
