Developer KW Linfoot says work will resume on the 55-storey Lumiere when market conditions improve
A £200m project to build a twin skyscraper in Leeds city centre has been placed on hold due to the credit crunch.
Developer KW Linfoot has confirmed that the 173m-high twin tower Lumiere scheme will be temporarily scrapped, due to the ‘currently uncertain climate that is significantly impacting the financial and property markets’.
Work on Lumiere, a joint venture between KW Linfoot and Frasers Property Developments, is expected to resume when the economic climate has stabilised.
The development was set to become the tallest residential building in western Europe, comprising two towers rising 55 storeys and 33 storeys with 952 apartments and retail and office accommodation.
Richard Dean, joint managing director at KW Linfoot said: “We are of course disappointed that we are unable to progress plans for Lumiere to the anticipated timescale but we have to take heed of the current climate. We have made a sensible and pragmatic decision to put on hold construction at a time when the piling works are complete and before we embark on the next phase."
“We have already invested a considerable amount of time and money to deliver this iconic structure for Leeds and remain committed to progress plans when the market stabilises. Hopefully this will be sooner rather than later.”