The Mayor of London has confirmed that work will begin this summer on bringing the £50m cable car project to life in time for the 2012 Olympic Games.
A consortium of contractors has been appointed to build and then operate the cable car for three years, with construction consultancy Mace heading up a team including Dopplemayr, Watson Steel, URS Scott Wilson, Buro Happold and Aedas.
The cable car will span the river Thames and provide fully accessible links to London Excel and The O2 event venues and their respective underground stations.
“The cable car will play a vital role in the once-in-a-lifetime regeneration of east London and provide a much-needed additional river crossing in this area of the city,” said a spokesperson from Transport for London (TfL).
TfL hopes to recoup as much of the cost as possible through advertising, sponsorship, naming rights and fare revenue.
This news comes after original cost of the scheme was estimated at £25m last July, but TfL struggled to find to private funding and decided to provide “upfront funding” and recoup the costs moving forward.
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