$500 Million Development Project Confirmed for North London Neighborhood
- Mar 07, 2012
London, England—In a joint statement at the beginning of February, England-based Tottenham Hotspur Football Club and Haringey Council have reiterated their commitment towards the Northumberland Development Project.
The Northumberland Development Project envisions a regeneration of the North Tottenham, London, neighborhood with a state-of-the-art stadium anchoring the project. Plans call for a 56,250-seat world-class venue, a 200-unit affordable housing development along Park Lane and a 150-room hotel on Worcester Avenue overlooking a new public square destined for events and activities. New retail opportunities have been announced with a new Club Megastore already planned. Sainsbury’s has already confirmed a partnership with the club in view of adding a 72,000-square-foot supermarket to the project. The store will create 250 jobs and is expected to open by late 2013.
The project aims to create new local business opportunities, new jobs and improve the High Road area by refurbishing and re-using historic buildings.
Upon approval from the Cabinet, Haringey Council will invest £9 million (around $14 million) towards the improvement of public spaces, heritage work and environmental improvements in the area. The Mayor of London, Boris Johnson, has committed £18 million (approximately $28 million) for the regeneration of North Tottenham. Investments will focus on public access via highways, parking improvements, public transport and other infrastructure improvements.
Tottenham Hotspur’s current stadium, which has a capacity of 36,230, will be taken down to make room for the new and improved venue.
The total cost of the project has not been released, but it is estimated that the project will cost the club somewhere in the region of $450-$650 million. The club has been delisted from the stock market this year, trying to attract a private investor in order to finance the stadium plans. Qatar airways and Anschutz Entertainment Group have been strongly linked with a possible investment. With the club already in line for a new sponsorship deal with U.S. company Under Armour starting this summer, an AEG investment with naming rights to the new stadium could bring the English club and football in general to an increased popularity level in the United States.