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

And they're going ahead come what may with Brexit
November 05, 2017 12:08PM

(Mai-Linh Doan, back; Pixabay, front)

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