Developers sign section 106 agreement for key development adjacent to proposed Olympic site.

Developers working on the Stratford City regeneration project have today signed the section 106 agreement with the local council for the £4bn development.

With 13.5m ft2 of development planned, Stratford City is one of the largest schemes of its kind in the UK.

The project will provide affordable housing, retail and leisure developments as well as new schools for the area and extensive proposals for transport development.

In addition, the development partners have agreed terms with the London Development Agency to build the Olympic Village and Olympic International Zone, which will provide accommodation for the 2012 Games.

Submission of the Phase 1 applications to Newham is expected in late 2005.

Stratford City Developments is the partner of London & Continental Railways, and is owned by Stanhope, Multiplex and the Westfield Group.

Sir Stuart Lipton, Chairman of Stanhope plc said: “With a high quality residential development, major retail centre and new office district, all fully integrated with the existing town centre Stratford City will act as a metropolitan centre for East London with an inspiring masterplan, enriching the lifes of local people and acting as the focal point for London's relationship with East London.’