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Credit crunch forces big cut in 2012 village homes
Matthew Beard, Evening Standard3 Jul 2008
London Games chiefs are cutting the number of homes at the Olympic Village by a quarter to save costs.
David Higgins, chief executive of the Olympic Delivery Authority, said about 900 flats at the village would have to be removed from the plans, reducing the number being built to about 3,300. But the ODA said more homes would be built after the Olympics.
The village will be home to all athletes and officials during the 2012 Games and the decision means the number occupying each apartment will rise from four to five. It comes after the village developer Lend Lease admitted two weeks ago the credit crunch was making it difficult to raise its £450 million share of village costs.
Cash may not be raised until the end of the year. Meanwhile, the ODA is pumping in extra money for foundation and infrastructure works. The ODA said Lend Lease was committed to developing the Olympic Village site after 2012.
Reader views (2)
Any more crunching and it will be tents for everyone.
- Mr S. Port, London, 04/07/2008 02:34
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At last someone has the guts to stand up and be counted to put a stop to the run-away costs that could scupper the Olympics altogether. Now to take a deep look at all the other expenses. Remember the Dome and the frenzied feeding on the wash of money.
- Albert Hall, hove england, 03/07/2008 21:33
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