Builder Brookfield is instructed by backers to proceed
Brookfield has been told to restart work immediately on the 64-storey Pinnacle tower, designed by architects KPF.
The scheme, which has been stalled at ground level for much of the year, will now restart after the backers, funding consortium Arab Investments, has told Brookfield to proceed.
Khalid Affara, managing director of Arab Investments, told the Financial Times: “The Pinnacle has agreed with Brookfield to commence the final phase of construction works at the end of June to enable delivery of the City’s tallest building by 2014.
“The Pinnacle is a unique product at 945ft – the tallest building in the cluster of tall buildings in the City of London – and will be delivered into a market where there will be a shortage of high-quality office space.”
Construction will take three years. The FT reported that the move was being made despite the fact a funding package for the building was still being finalised, with the decision made in order to capitalise on the expected lack of new high quality office space in the city in the next few years.
Work has restarted on the two other high profile towers in the city in recent months, with Land Securities and Canary Wharf Group’s Walkie Talkie tower already on site, and British Land and Oxford Properties’ Cheesegrater tower currently selecting a contractor.