LONDON-Capital & Counties Properties PLC cleared an approvals hurdle Wednesday for its master-planned redevelopment of the Earls Court and West Kensington Opportunity Area here. The London Borough of Hammersmith & Fulham’s council gave its blessing to the plans submitted by Capco’s EC Properties unit, subject to conditions and a legal agreement for the redevelopment of 57 acres of land in a project that will cost an estimated $12.9 billion.

In a statement, Capco CEO Ian Hawskworth says his company is pleased by the LBHF’s decision to grant outline planning consent for the Earls Court master plan, which was devised by Sir Terry Farrell around the concept of “four urban villages and a 21st century High Street.” Hawksworth adds that the proposed scheme will offer “a multi-billion-pound investment in both London and the local community, creating thousands of new homes and jobs.”

This past February, the LBHF approved Capco’s plan to develop 808 housing units on an adjacent 7.5-acre parking lot along Seagrave Road, for which Capco has entered a 50/50 joint venture with the Kwok Family Interests of Hong Kong. Taken together, the Seagrave Road and ECOA redevelopment projects will create up to 7,583 new homes, along with more than 900,000 square feet of office and about 350,000 square feet of retail and hotel space, as well as public parks and a community center. In a statement, the LBHF council calls the Earls Court plan to transform a brownfield site “the biggest new project in the capital since Stratford was transformed by the Olympics.”