(For more retail coverage, click GlobeSt.com/RETAIL.)
LONDON-London & Continental Railways has launched a hunt for partners to help with the build out of London's 2012 Olympic Village. The company has placed a tender notice in the official journal of the European Union inviting companies to bid for contracts worth euro 5.8 billion ($7.3 billion) to build the village, homes, hotels, shops and offices on the 1.3-million-sm Stratford City development in east London.
Westfield, which owns 100% of Stratford City Developments Ltd., will build the first phase of Stratford City known as Zone One, a predominately retail-led development. But the Australian developer and LCR officials said they are looking for similar companies to form partnerships for other phases of the project, which will be dominated by housing and commercial development, if SCDL does not take part in building them.
The project--being billed as the largest single mixed-use urban regeneration project in Europe--had become embroiled in in-fighting between consortium members of SCDL, and LCR had threatened to auction the entire project. But last month, as GlobeSt.com reported, Westfield bought out its other partners, Multiplex and Reuben Brothers.
The entire site has planning consent for 13 million sf of mixed-use development including Westfield's two million feet of retail and the Olympic Village, which will be made available for residential occupation after the games.
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