This developer is planning to build a $9.5B city in London

And they're going ahead come what may with Brexit

New York Weekend Edition /
Nov.November 05, 2017 12:08 PM

Knight Dragon Developments’ plan for its 150-acre property in East London is to spend the next 25 years building a $9.5 billion new city across from the UK capital’s Canary Wharf.

Knight Dragon bought the large property, now known as Greenwich Peninsula, in 2013 and, four years later, the project has some condos designed by SOM near completion while work on a park and subway is underway, according to Bloomberg. The project, which is about 10 percent complete, will be built in stages with different architects commissioned to design each phase of about 1,000 housing units and public amenities, like a movie theater.

Greenwich Peninsula is being considered a development that could drastically change London regardless of whether the city contracts or expands following Brexit — at a scale of influence no development has enjoyed since the post-World War Two era. The master planning for the site is being led by Allies & Morrison.

Though the plan and land purchase were both put into motion before Brexit, Knight Dragon is not changing their plans.

“Things like Brexit are unwelcome,” Knight Dragon CEO Richard Margree told Bloomberg. “But saying, ‘let’s sit back and let the momentum leak out of our boots?’ That would be a tragic mistake.”

[Bloomberg] — E.K. Hudson


Related Articles

arrow_forward_ios
Leon Black and Debra Black with the townhouse (Getty, Beauchamp Estates)
Former Apollo CEO Leon Black buys $28M London townhouse
Former Apollo CEO Leon Black buys $28M London townhouse
Vatican nears sale of London property at the center of sweeping scandal
Vatican nears sale of London property at the center of sweeping scandal
Vatican nears sale of London property at the center of sweeping scandal
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
Nearly 100K homes sold across UK in August ahead of tax break expiration
London fire officials say over 1K buildings unsafe in a fire
London fire officials say over 1K buildings unsafe in a fire
London fire officials say over 1K buildings unsafe in a fire
Pete Townshend and the London mansion (Getty, Pereds)
Meet the old boss: Pete Townshend sells historic London mansion
Meet the old boss: Pete Townshend sells historic London mansion
London luxury homes sell at feverish pace
London luxury homes sell at feverish pace
London luxury homes sell at feverish pace
60 Sloane Avenue in London (Metrus)
Cardinal, broker indicted in real estate deal that cost Vatican millions
Cardinal, broker indicted in real estate deal that cost Vatican millions
The median accumulation of wealth through homeownership for a Black family over the last 10 years is zero. (iStock)
UK’s Black families gain zero wealth through property ownership
UK’s Black families gain zero wealth through property ownership
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...