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Covent Garden Authority Shapes Plans for Massive $3.2B Project

LONDON-Covent Garden Market in the Nine Elms region will sell 20 acres to fund its redevelopment, with 2,800 housing units planned on the sold property.

By Robert Carr | Updated on March 27, 2012

LONDON-The Covent Garden Market Authority said today that it has chosen VSM Estates, a joint venture of Paris-based Vinci PLC and Birmingham, England-based St. Modwen to assist in a $3.2 billion mixed-use development. The project is to replace the large fresh produce market with a new 500,000-square-foot facility, as well as the development of 2,800 new housing units.

The authority owns and is responsible for the operation of the market, located in the Nine Elms neighborhood of London. The market redevelopment will be funded by the sale of 20 acres for the residential units. Six groups vied to join the authority as development partner, with VSM, Barratt Developments & Kier Group, and Bouygues UK Ltd. being the final three competing for the selection.

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