London's 2012 Olympic Village To Be Transformed Into Affordable Housing Units
Cranes and construction crews have been busy at the Olympic Village since it was purchased by the Qatar wealth fund Qatari Diar and British developer Delancey for US$ 870 million. The Olympic Delivery Authority is currently removing all the temporary structures that were in place for the Olympics so that new kitchens can be retrofitted into the 2,818 apartments in the village. The first batch of apartments should be ready for rent by August. London Housing Association Triathlon Homes will be offering the low-income apartments, while Qatari Diar will lease the other properties at market rates.
The move will add some much-needed inventory to the London housing market. The UK has traditionally been unkind to renters, and a study by the housing charity Shelter found that 55 percent of renters believed that they wouldn't ever be able to save enough to buy a home. The new East Village will offer rental apartments at reasonable rates in order to begin to change that perception. The residential housing system, Get Living London, has launched a campaign to begin to move people towards East Village. Who wouldn't want to live in an area that has a new education campus, health center, restaurants, and is close to the Olympic Park?
Earlier announced, that after the 2012 Summer Olympics are over, the Olympic Park will again be transformed. In 2013, the roughly 500 thousand square meters Park in East London will reopen as Queen Elizabeth Olympic Park. The 114.5-meters tall ArcelorMittal Orbit will still tower over the park, and the Olympic stadium will be downsized to a permanent stadium that will seat 25 thousand people. Now the Olympic Delivery Authority is currently removing all the temporary structures.
