Olympic Park

The Olympic Park regeneration project has resulted in a diverse mix of land uses, reflecting its goal of creating a sustainable and vibrant urban district. The development includes 700,000 sqm of residential space, providing around 12,000 new housing units, many of which are located within five new neighborhoods designed to foster community interaction and social cohesion. In addition to residential spaces, the park features 26,000 sqm of commercial space, 30,369 sqm of office space, and 15,770 sqm dedicated to research and development. In addition, the regeneration includes 14,500 sqm and 3,606 sqm of cultural and recreational spaces respectively, healthcare services covering 4,321 sqm, and 5,824 sqm allocated to educational facilities.

The economic benefits of the project were substantial, driving growth in both short-term construction jobs and long-term employment opportunities. More than 7,000 permanent jobs were created in sectors such as retail, education, healthcare, and technology, leading to a significant reduction in local unemployment rates. The International Quarter emerged as a prime location for businesses, housing over 114,000 sqm of commercial office spaces, attracting both local and international firms. In addition, the development of new business clusters, particularly in creative industries, digital media, and research, helped stimulate innovation and entrepreneurship in the region. As the site of major events and a tourism destination, the park also drew national and international tourists with a total of around 6 million visitors per year, generating further economic activity. The Westfield Stratford City shopping center, one of the largest in Europe, not only became a key economic driver but also employed over 9,000 people, greatly contributing to local commerce. Lastly, the regeneration of the Olympic Park significantly increased property values of the surrounding areas. The estimated premium on property prices in the area surrounding the site stands around USD 200 and USD 400 million.

The redevelopment project had a transformative effect on the landscape of East London, an area that had been heavily polluted by decades of industrial activity. One of the key environmental goals of the regeneration was the decontamination of land, which had been plagued by hazardous waste, industrial byproducts, and wartime debris. The project successfully remediated these contaminated sites, turning them into safe, usable land for both public and private use. The development of more than 1,200,000 hectares of green spaces, including wetlands, riverbanks, and parkland, helped restore biodiversity, providing habitats for wildlife and improving air and water quality. Sustainability was also a core principle of the project, exemplified by the construction of the Combined Cooling, Heat, and Power (CCHP) plant, which reduced carbon emissions and provided energy-efficient solutions for the park. Additionally, the focus on water conservation, through the use of non-potable water sources such as canal and river water, demonstrated the project’s commitment to reducing its environmental footprint​.

The regeneration project of the Olympic Park had far-reaching effects on local communities that had long suffered from economic deprivation and poor infrastructure. The construction of around 12,000 new housing units, including affordable housing units, provided much-needed residential space in a city experiencing a housing shortage. The design of the new neighborhoods focused on inclusivity, with community centers, schools, and healthcare facilities integrated into the urban fabric. Sustainable mobility played a critical role in the project’s social impact, as the area was equipped with a network of pedestrian paths and cycling routes, promoting healthier lifestyles and reducing usage of private vehicles. The improvement of public transport links, including connections to London’s Overground and Underground networks, drastically reduced travel times to other parts of the city, making the area more accessible to both workers and visitors. In addition, the project further improved public transportation by adding several buses stops throughout the entire site. Despite these positive impacts, the regeneration initiative has been criticized as it didn’t deliver the share of affordable housing units promised at the beginning of the project. Thus, the regeneration initiative excluded lower- and middle-income households of the surrounding boroughs from being able to move on the site.

The construction of the Olympic Park has achieved both the Forest Stewardship Council (FSC) and the Programme for the Endorsement of Forest Certification (PEFC) certifications.

The redevelopment of the Olympic Park has been financed by both public and private sources. Public resources come from the National Government of the United Kingdom and the Greater London Authority, while private resources are gathered from private developers.

The National Government of the United Kingdom and the Greater London Authority provided significant public investment to the London Legacy Development Corporation to support the construction of public infrastructure, including sports facilities and public spaces. In addition, the London Legacy Development Corporation merged public-owned areas with private land through the expropriation and compensation of private owners. The majority of the land was transferred from public authorities to the London Legacy Development Corporation, as a consequence of the hosting of the London 2012 Olympic Games. After merging the acquired land, the site has been divided into smaller land plots which have been later sold to private developers. To finance the maintenance of the park, the London Legacy Development Corporation applied a Fixed Estate Charge, which is a levy that the corporation applies on residential and commercial users of the site. In addition, the corporation requires the payment of the Community Infrastructure Levy from private developers, which is a tax imposed on new developments to gather resources for infrastructure projects on the site. From the private side, private developers employed private resources to finance the individual redevelopment projects and to acquire the land from the London Legacy Development Corporation.

Preferred by Nature (2012). London Olympic Park FSC and PEFC certified. Accessed on 20/09/2024. Available here.

Image from NLA, retrieved here.