Stratford City, a new metropolitan centre for East London, built on a 180 acre site on the former Stratford Rail Lands around Stratford International Station - part of the Channel Tunnel Rail Link project.
The Stratford City development was granted planning permission by Newham Council in September 2004 and was approved by the Mayor of London and the Government Office for London in October 2004.
Construction started in 2007. The entire development is scheduled to be complete by 2020.
Stratford City will transform the area providing 13.5 million square ft of mixed-use development including:
The Mayor of London, has given the green light to the Stratford City development, one of the largest planned development projects in the capital.
This will provide up to 5,000 new homes, at least 1,350 of these affordable, and create a huge new office and retail centre in the Thames Gateway. It will also provide hotel, conference, health, educational and community facilities to create a whole new urban community in east London.
The development is expected to create up to 34,000 new jobs, the majority anticipated to be in the financial and business sector. Construction work is expected to provide an additional 4,000 jobs over the 15 to 20 years period the development will take.
The scheme as a whole will cost around £3.5 billion. In addition to the affordable homes, the Stratford City Development Partnership (SCDP comprising Cheslfield, Stanhope and LCR) will invest over £300m for essential infrastructure, £115 in community benefits, secured through a Section 106 agreement with Newham, and hand over land for a new school and community facilities.
30 per cent of the homes in the Stratford City development will be affordable, following negotiations with SCDP that have been a model of openness. An independent financial appraisal was carried out for Newham and the Greater London Authority by ATIS REAL Wetheralls, which concluded that 30 per cent is the level of affordable homes this particular development could support without becoming economically unviable. A legal agreement means that if more funding becomes available to support affordable housing, a further 5 per cent could be achieved. This means a minimum of 1,350 new homes in Stratford for those in need of social housing or who can't afford full market prices.
Stratford City will be built on derelict rail lands around Stratford station. It is situated next to the main London Olympic Games site and would play a significant role in a London Games in 2012, providing much of the athletes' accommodation.Copies of the London Mayor's decision letter and planning report are available at www.london.gov.uk
Stratford City is a partnership between London & Continental Railways, Chelsfield and Stanhope.For more information on Stratford City see website
For details on how the Olympics could boost regeneration in the area see www.olympics.newham.gov.uk