Regenerating Euston Station as part of HS2 could add as much as £41billion to the economy by 2053, according to a new report.
The Government has insisted that it is committed to Euston being the terminus for HS2 from Birmingham.
However, warnings have been made that the project will not be feasible unless private investment is unlocked after costs ballooned.
If the station is not redeveloped, it would leave the high-speed line running only to Old Oak Common in west London.
A report published Tuesday, commissioned by Camden Council, said the station redevelopment could create 34,000 new jobs and provide up to 2,500 new homes.
It states that it would also boost the growth of life sciences and technology businesses close to Euston - dubbed the Knowledge Quarter - which is home to Google, The Francis Crick Institute and the Alan Turing Institute.
Camden Council leader Councillor Georgia Gould said the station was at a “critical juncture”.
“After years of delay and indecision, much of Euston remains a building site. Homes have been ripped down, businesses lost, and open spaces destroyed,” she said.
“Our communities living next to and around the station continue to face disruption and uncertainty.
“However, we are determined to see promises to these residents kept and we are setting out an ambitious and viable new direction that is possible for Euston.
“Our vision is for a regeneration of the station and surrounding area that creates thousands of new jobs, builds much-needed affordable housing, and generates the private investment that is now needed to get HS2 back on track to Euston.”
Work was paused on the station in March last year, with ministers saying that a more cost-effective approach needed to be found.
Prime Minister Rishi Sunak said earlier this year the Government was “working with the private sector to raise private money, save the taxpayer money and deliver the connection to Euston as planned.”
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Ministers plan to appoint a development company, separate from HS2 Ltd, to manage the development works, with Camden Council calling for it to be locally-led.
Rail Minister Huw Merriman said: “Bringing HS2 to Euston will help grow the economy whilst unlocking much needed homes, jobs and commercial opportunities in the area.
“As announced in October, we are upping the ambition of the Euston redevelopment, where we will be looking to establish a Development Corporation to create a transformed ‘Euston Quarter’ that brings in private financing.
“I am pleased to be working alongside Camden and our delivery partners to make the most of this once in a generation opportunity.”
When fully operational, HS2 will almost halve the journey time between Euston and Birmingham to 49 minutes.
