I would donate the money to developing a coherent year-long cultural offer for Hackney wick, helping build institutional sustainability for organisations such as The White Building, Performance Space, The Yard Theatre, and so forth.
Make the Hackney Wick Residents shareholders to this 1 million, invest for 5 years then redistribute the profits . This is called empowerment.
Construct habitable bridges along the River Lea and form retail plazas
Establish a creative technology hub (like the Silicon roundabout in Old Street). The arts community would benefit through collaboration with gaming, social and emerging technology start-ups. Children in the local community would benefit from collective workshops from the industry on how to turn technology and creativity into a career.
Set up a self build team who would use the money to build many of the other suggestions (studios, theatres and homes). This would give skills to the local community as well as being an affordable way to provide social buildings
Encourage enterprise and support the tradition of resourcefulness of this area by earmarking some public land to provide temporary rent free work units as in Brixton village.
Creating a permanent theatre space like the Yard Theatre where world class work can be staged and accessible to all.
Buy the artists a building so they won’t all get moved on eventually.
Make use of one of the empty areas and create a permanent market space run by the community where artists can show their work and locals can purchase fresh produce.
I think that the money should be spent on informing the public about the incredible art scene in the Wick, and making the community more of a part of it.
Attracting more retail businesses to Hackney Wick and redeveloping the community centre providing a full programme of activities.