The scheme, in a deprived, largely council-owned area that borders on the affluent neighborhoods of Maida Vale and Queens Park, will be based on a master plan that was approved in July 2004 and calls for a scale of development unprecedented in this part of London. The objective is to see the development of 3,000 new homes--double the current density of housing, most of which will be demolished.
The master plan "seeks to move away from the existing municipal monolithic estate structure." It states that the redevelopment should include sports facilities, a business incubation center, healthy-living centers, day-center provision and enhanced open space. Johnson says that 55% of the new homes would be social housing, compared with 78% at present. The sale of the private housing is expected to raise two-thirds of the anticipated euro 1.3-billion ($1.7-billion) cost of the project over the next 30 years, with the remainder coming from the local authority, central government and the chosen partner.
"The developer's contribution could range anywhere between euro 87 million ($115 million) and euro 203 million ($268 million)," Johnson states. A preferred developer will be selected in November.
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