The fate of the historic London Fruit & Wool Exchange in Spitalfields remains in the balance, as private contractors were made to reassess their plans following a council meeting.
The regeneration project, contracted by the City of London Corporation to private developer Examplar in 2010, was postponed after a lengthy debate yesterday evening at Tower Hamlets Council. The committee decided the project needs better job and housing schemes.
Exemplar developer Maxwell Shand told EastLondonLines: “We’re very disappointed, but we have to work very hard to meet the aspirations of people, but we’ll carry on with the work.”
“A couple of the members said we should look at it in more detail. They said we need more links between what we want to build and employment. They also want us to provide more houses close by the site.”
Shand added that the developers will work on the proposals with the council and locals in the next four to six weeks.
Under the proposals, the London Fruit & Wool Exchange, built in 1929, will be partially demolished, although its façade will be refurbished, and a new pedestrian street will be opened to the public. Barclays Bank, the Gun Public House and Dorset Street will also be demolished.
The redevelopment plans have faced opposition from a number of people, including Spitalfields Community Group, numbering 120 residents, who launched a petition against the project.