The US$3.84-billion (2 billion-pound) first phase of the project involves the development of approximately 4,200 residential dwellings and related accommodation that will become the Village for the London 2012 Olympic Games. Lend Lease will be responsible for all aspects of the project including funding, design and construction, and marketing and sale of the completed product. Construction for the first phase is expected to start in 2008, with handover to the ODA in late 2011.
The second phase is anticipated to include a refurbishment of the Village upon completion of the Olympic Games as well as the development of as much as 5.4 million sf of additional commercial and residential space to complete the regeneration of Stratford City. The second phase would last from 2011 to 2020. The estimated value of the completed phase is US$6.73 billion (3.5 billion pounds).
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