LONDON (CelebrityAccess) — Sports and entertainment giant AEG Worldwide announced that it has secured planning permission to develop a mixed-use residential high-rise building to be located adjacent to the O2 in London.
The 36-story development will include up to 262 units, 59 – or 23% – of which are classified as affordable housing and marks the company’s first foray into residential real estate in the UK.
As well, the development will include a combined 22,500 square feet of commercial space on the ground floor and mezzanine level, as well as nearly 2,000 square feet of flexible space on the upper level.
The announcement marks the company’s first foray into residential real estate in the UK.
AEG hopes to start construction on the site in early 2020 with an eye towards having the project ready for use by 2022.
“This residential development sits on a key site on the Peninsula, on top of North Greenwich tube station and adjoining The O2. The scheme reflects AEG’s clear vision for The O2, and surrounding area in Greenwich, across the entertainment, sports, retail and now residential sectors. AEG is proud of the positive benefits that we have brought to the area and this residential development further demonstrates the breadth of the business.”
The property will expand on AEG’s current properties in London, which include the SSE Arena, Wembley, and the O2 Arena, which the company owns.