The agreement means an early start on the first phase of Stratford City. When completed, the whole project will comprise five million sf of offices, 1.6 million sf of retail, up to 2,000 hotel bedrooms and 4,850 homes on the derelict rail lands next to the planned venue for the Olympic Games. A detailed application for the first phase will be submitted to Newham council in late 2005 or early 2006.
Some 40 acres of the 170-acre site will also be released in mid 2006, six months earlier than expected. The start date for the first phase has been moved forward because of the progress being made on the Channel Tunnel Rail Link. The link is slated for an early 2007 completion.
Multiplex, Stanhope, Westfield and LCR also revealed that they had agreed on terms with the London Development Agency to build the Olympic Village and Olympic International Zone at the site. The village will provide accommodation for 17,000 athletes and support teams, which would be transformed into 2,300 homes following the games.
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