London's Olympic bet
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London's Olympic bet - news coverage by Nag Sayala as part of MBA Economics class presentation

London's Olympic bet - news coverage by Nag Sayala as part of MBA Economics class presentation

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London's Olympic bet London's Olympic bet Presentation Transcript

  • Londons Olympic Bet on Urban  Revival  R i l Economic News Coverage based on Wall Street  Journal July 21‐22 Journal July 21 22 by Nag Sayala July 2012 J l 2012
  • A long dreamLondon bids 7 years agoEmerged challenges that werent foreseen • The global financial crisis g• A double‐dip recession • And the prolonged euro crisis And the prolonged euro crisisUrban revival to play out over two decades
  • East London• East London districts around the Olympic Park, has  significantly higher unemployment than in London overall. significantly higher unemployment than in London overall• For generations, it has been an entry point for immigrants.  g y, g• During the 19th century, its docks handled goods from  across the British Empire. Then manufacturing took hold.
  • London spends on..$14.5B  75% to regenerate East London ‐ one of  d f the citys poorest parts.  New 11K homes  2K temp 8K permanent jobs  New Olympic stadium in 250 acres  New rail line that will eventually link East New rail line that will eventually link East  London with the citys more affluent center  and west.
  • Lessons from the past• 2000 Sydneys Olympic Park considered an 2000 Sydney s Olympic Park considered an  white elephant• 2004 Athens Games and 2008 Beijing Games 2004 Athens Games and 2008 Beijing Games  facilities sit unused• F From 1992 Olympics, Barcelona, did manage  1992 Ol i B l did to breathe new life into a rundown  neighborhood, but it took some 20 years i hb h d b i k 20
  • StrategyRe‐use infrastructure Job creation Affordable housing• Sets up committee to focus on "legacy" three years ago  ‐ no other host city had done.• Designed venues that can be adapted for smaller  numbers.• Athletes Village transforms into 2,800 apartments. Athletes Village transforms into 2,800 apartments.• Use temporary infrastructures; dismantle afterwards• 2K temporary and 8K permanent Jobs• 35% of 11,000k housing units are affordable. • 91K sq. ft. press center to office buildings• Improved public infrastructure to attract new buyers Improved public infrastructure to attract new buyers
  • Fish Island – micro level bet• £500,000 for restaurant; £1 million to convert  canal‐front wasteland into corporate  lf t t l di t t entertainment space• Successful in securing site 100 meters close"There is this view that the Olympics will arrive in the U.K. and shower everyone with gold..It just doesn t work like that..It just doesnt work like that ”Lance Foreman, owner of H. Foreman & Son
  • Lets see..It’s too early to measure the success. Some setbacks: b k •Unemployment went up  from 5.8% to 6.5% and  •“No discernible effect”  ‐Citigroup Inc.   ‐Citigroup Inc •Some local people are  upset with relocation. ih l iYet to see if the East London and banks of Thames River witness the anticipated growth. It’s a million dollar question.
  • Questions?• Contact @ NagSayala@yahoo com Contact @ NagSayala@yahoo.com