£500m Crystal Palace project stalls as developers face ultimatum
Developers of the £500m Crystal Palace regeneration face a 20th February deadline to retain exclusivity over the project.
Bromley Council issued the ultimatum to the Chinese ZhongRong Group, after the original agreement timed out at the beginning of February. The council seeks a £5m deposit, as well as planning and financial reassurances.
The ZhongRong group put forward their plans for the project in July 2013, which aims to recreate the magic of the original palace. This is not the first delay the project has faced, following a dispute over the transfer of land ownership last year.
Bromley Council leader Stephen Carr said: “We need to reassure local people that we remain resolutely focused on doing everything we can to improve Crystal Palance Park this must include securing its long term future.”
“It would also be wrong to overlook the exciting potential for much needed regeneration in this part of London.”
The original Crystal Palace structure was built in 1851 to host the Great Exhibition, which hosted 14,000 stalls from around the world showcasing the latest technology from the industrial revolution. The structure stood until 1936, when it was destroyed by a fire.
Despite the uncertainty, the ZhongRong group has said they remain “fully committed” to the palace as a new cultural destination and that discussions were ongoing.
A shortlist of major architects was announce a year ago for the new project, with the finalists being: David Chipperfield Architects; Grimshaw; Haworth Tompkins; Marks Barfield; Rogers Stirk Harbour & Partners; and Zaha Hadid with Anish Kapoor.
Work is slated to begin later this year.
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