Historic transformation of the Elephant and Castle gets the green light
7 July 2010
The Cabinet have agreed to the terms of a detailed Regeneration Agreement with commercial partners, Lend Lease, that paves the way for the historic £1.5bn transformation of the Elephant and Castle.
The decision to accept the terms of the agreement was taken at a meeting of the council's Cabinet on 7 July and is the culmination of extensive negotiation between the two organisations, for a project that was conceived over a decade ago.
The deal has been done despite the backdrop of the recession in the property market and the unprecedented government cuts to public finances. The agreement kick starts more detailed work, including demolition, planning and the building programme, that will deliver the vision of creating a brand new town centre and thriving urban quarter in the heart of central London over the next fifteen years. It will mean the demolition of the 1970s Heygate Estate to create new homes, shops, jobs and public spaces.
The project has already gained global significance following the announcement, in May 2009, that the Elephant and Castle was designated as one of only 16 founding projects of the Climate Positive Development Program. This Clinton Climate Initiative (CCI) programme, established by former US President Bill Clinton, supports the development of large-scale urban projects that demonstrate cities can grow in ways that are "climate positive."
Cllr Peter John, Leader of Southwark Council, said: "I am delighted that we have come to an agreement with Lend Lease that will transform the Elephant and Castle over the next fifteen years to create a new and exciting destination for London. This agreement will mean the centre of this great world city will be pulled further south in to Southwark, with the economic and social benefits that this will bring.
"Since I became Leader in May I said that we would deliver an agreement that works for the local community. I am pleased that our discussions with Lend Lease have been so positive and we can now look forward to working cooperatively together to transform this important part of London, an area with so much potential, to the benefit of local people and for all Londoners."
Dan Labbad, CEO of Lend Lease (EMAA), said: "Lend Lease is delighted to be delivering the regeneration of Elephant and Castle. The opportunity to transform the area over the next fifteen years to provide a new focal point for London is a responsibility we take extremely seriously. To this end we look forward to working in partnership with Southwark Council to transform the vision for Elephant and Castle to reality."
Source: Southwark Council Website
