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NEW YORK CITY-City officials had hoped development along the West Side and in the outer boroughs would be helped by being selected as the host city for the 2012 Olympic Games. But now the International Olympic Committee has chosen London as the host city.

“New York’s Olympic bid made our city better,” says New York City Mayor Michael Bloomberg. “It heightened the city’s Olympic spirit and catalyzed important city projects. From new parks to new pools, New Yorkers have already benefited from our bid for the 2012 Games.” New York City deputy mayor and NYC2012 founder Daniel Doctoroff says this completes an “11-year journey.” He says the bid served as a catalyst for “major development and renovation projects.”

Neil Dolgin, executive vice president at Brooklyn-based Kalmon Dolgin, tells GlobeSt.com that he wouldn’t expect there to be much of an impact in Manhattan and along waterfront areas in Brooklyn. “Manhattan is unique in and of itself. People want to live there.” He likens development along the waterfront to have similar progress as in such New Jersey communities as Edgewater and Jersey City. However, he believes Long Island City/Queens West where the Olympic Village would have been located, could be affected “somewhat. Queens is a second cousin. ”

Jones Lang LaSalle has been working with the London Olympic team to provide commercial property advice and following today’s decision, will continue and expand that role. Together with the regeneration of large areas of East London, JLL anticipates a notable increase in new hotel developments in the run up to the games, with a bias towards East London over the traditional West End locations. “London stands to gain substantially as host city as a winning bid will carry with it associated benefits resulting from the regeneration of residential districts in the East End of London, improvements to transport and infrastructure, an emphasis on environmental/sustainable development, and growth in the tourist and convention industries,” says Katie Kopec, a director at Jones Lang LaSalle

JLL is also advising the Beijing Olympics Tendering Consortium as the development consultant for two of the elements of the ‘Olympic Green’–the Olympic Village and Convention Centre. The Olympic Green will be the central district of the 2008 Games in the Chinese capital.

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