Mayor ‘absolutely right’ on new urban development corporation for east London says LTGDC Chair
Commenting on proposals for a new urban development corporation to replace the Olympic Park Legacy Company, the London Thames Gateway Development Corporation and other delivery agencies contained in the Mayor of London’s consultation on new arrangements to deliver the Olympic legacy and regenerate east London, Bob Lane Chairman of the London Thames Gateway Development Corporation said:
‘East London has the potential to deliver 20% of London’s new jobs and to contribute 15% of the capital’s GVA. It is the power behind the button of London’s economy and a major driver for future UK growth. The Mayor is absolutely right to see an urban development corporation as the best tool to ensure that east London’s economic potential is realised to the full.’
‘As well as delivering the long term future of the Olympic Park the challenge for the new development corporation will be to maintain the momentum of delivery and investment after the Olympics and to link the park with the other key drivers that are making east London such a success. Its job will be to set the new milestones in east London’s regeneration after the Games.’
Making up thirty per cent of the proposed land area of the new development corporation, the Olympic Fringe area provides the sites for 50% of the housing capacity in the area. With its investments and development projects, LTGDC’s has played a key role in bringing forward developments in the area.
On the potential of the Olympic fringe area, Mr Lane concluded:
‘The new development corporation boundaries cover the Olympic fringe area which in the south has the potential to deliver more than 15,000 homes and 10,000 jobs. We will continue our work here bringing sites forward with private sector partners to ensure that there is no loss of momentum. ‘
