Source AP ©

London completes acquisition of land for 2012 Olympics

All the land needed for the Olympic Park have been secured by London officials. Here the construction for the 2012 Summer Games begin.

The London Development Agency said Tuesday it had completed the acquisition of the land and property on the 202-hectare (500-acre) zone in east London, equivalent to the size of Hyde Park.

The 650 million pound (US$1.34 billion; EUR0.97 billion) project, described as the biggest British land acquisition of modern times, involves relocating 208 businesses, 425 residents, 35 traveler families and 64 allotment holders.

"The land assembly ... marks a huge Olympic milestone," LDA chief executive Manny Lewis said. "It has been one of the largest and most complicated of its kinds, yet delivered on time and on budget."

The LDA will now turn the site over to the Olympic Delivery Authority, which is in charge of constructing the venues for the Olympics.

The park will include the showpiece 80,000-seat Olympic stadium, the velodrome, aquatics arena, media center and other facilities. Construction on the stadium is to begin in the summer of 2008.