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Plans for Olympicopolis arts hub in east London attract £45m of private cash Plans for Olympicopolis arts hub in east London attract £45m of private cash
(35 minutes later)
Private investors have pledged £45m to Boris Johnson’s Olympicopolis plan, which could see outposts of the V&A, Sadler’s Wells and the Smithsonian take up residence on the 2012 Olympic site in east London.Private investors have pledged £45m to Boris Johnson’s Olympicopolis plan, which could see outposts of the V&A, Sadler’s Wells and the Smithsonian take up residence on the 2012 Olympic site in east London.
The money joins the £141m of public cash promised last year by the chancellor, George Osborne.The money joins the £141m of public cash promised last year by the chancellor, George Osborne.
The project has been inspired by the grand museums on South Kensington’s Exhibition Road and the Southbank Centre complex, both born out of major national events: the 1851 Great Exhibition and the 1951 Festival of Britain.The project has been inspired by the grand museums on South Kensington’s Exhibition Road and the Southbank Centre complex, both born out of major national events: the 1851 Great Exhibition and the 1951 Festival of Britain.
Related: London Olympicopolis culture hub plan gets £141m fundingRelated: London Olympicopolis culture hub plan gets £141m funding
At a reception at the Olympic stadium on Thursday evening, the Foundation for FutureLondon will announce it has raised £45m from private sources. Its target is £180m.At a reception at the Olympic stadium on Thursday evening, the Foundation for FutureLondon will announce it has raised £45m from private sources. Its target is £180m.
Johnson, the mayor of London, said the aim was to bring some of the world’s leading institutions in culture and education to the Queen Elizabeth Olympic Park.Johnson, the mayor of London, said the aim was to bring some of the world’s leading institutions in culture and education to the Queen Elizabeth Olympic Park.
It will become an “internationally significant” destination, he said. “But we want it to do much more than that. As well as being a magnet for domestic and international visitors, the Foundation for FutureLondon’s activities will ensure that strong links will be forged with local communities so that they benefit in the long term from the creation of new jobs and the realisation of new cultural and educational opportunities.”It will become an “internationally significant” destination, he said. “But we want it to do much more than that. As well as being a magnet for domestic and international visitors, the Foundation for FutureLondon’s activities will ensure that strong links will be forged with local communities so that they benefit in the long term from the creation of new jobs and the realisation of new cultural and educational opportunities.”
Sadler’s Wells plans to create a 600-seat contemporary dance house, while V&A East will showcase the museum’s collections of design, art, architecture and performance.Sadler’s Wells plans to create a 600-seat contemporary dance house, while V&A East will showcase the museum’s collections of design, art, architecture and performance.
They will be joined by University of Arts London which wants to move its London College of Fashion, with 5,000 students and 500 staff, to Stratford. And a new research campus for University College London (UCL), which will include the university’s first school of design and a centre for experimental engineering. They will be joined by University of Arts London, which wants to move its London College of Fashion, with 5,000 students and 500 staff, to Stratford. And a new research campus for University College London (UCL), which will include the university’s first school of design and a centre for experimental engineering.
Discussions have also been held about the Smithsonian Institute in Washington DC opening a London outpost on the Olympic siteDiscussions have also been held about the Smithsonian Institute in Washington DC opening a London outpost on the Olympic site
The former BP executive Sir William Castell is chair of the Foundation for FutureLondon, which has been tasked with generating philanthropic support for the project.The former BP executive Sir William Castell is chair of the Foundation for FutureLondon, which has been tasked with generating philanthropic support for the project.
Castell said: “Our task is to build on the unparalleled success of the 2012 Games to create a world class 21st century city in Queen Elizabeth Olympic Park. Castell said: “Our task is to build on the unparalleled success of the 2012 Games to create a world class 21st century city in Queen Elizabeth Olympic Park. Olympicopolis is a project with enormous scale, vision and ambition. It is investing over £1bn to deliver access to the very best in education, technology and the arts, for the people of east London, enhancing the incredible cultural life already there.”
“Olympicopolis is a project with enormous scale, vision and ambition. It is investing over £1bn to deliver access to the very best in education, technology and the arts, for the people of east London, enhancing the incredible cultural life already there.” The total cost of the project has been estimated at £850m. As well as the Treasury and philanthropic money, UCL is contributing £270m for its campus. The remainder will come from other Olympicopolis partners, public money from the Greater London Authority and money raised through residential land sales. The aim is to start building in 2018 and be fully open in 2022.
The total cost of the project has been estimated at £850m. As well as the Treasury and philanthropic money, UCL is contributing £270m for its campus. The remainder will come from other Olympicopolis partners, public money from the Greater London Authority and money raised through residential land sales.
The aim is to start building in 2018 and be fully open in 2022.
Olympicopolis is the biggest manifestation of a gradual move east by the arts in London. As well as the Stratford projects, the former bosses of the National Theatre, Nicholas Hytner and Nick Starr, have announced plans for a new 900 seat commercial theatre near Tower Bridge. And an announcement is soon expected on a new concert hall on the site of the present Museum of London after it moves to Smithfield Market.Olympicopolis is the biggest manifestation of a gradual move east by the arts in London. As well as the Stratford projects, the former bosses of the National Theatre, Nicholas Hytner and Nick Starr, have announced plans for a new 900 seat commercial theatre near Tower Bridge. And an announcement is soon expected on a new concert hall on the site of the present Museum of London after it moves to Smithfield Market.