The scheme’s owner, Minerva, agreed to sell 50 per cent of its stake to Lend Lease upon securing an anchor tenant for the centre, which it had aimed to do by December.
However, despite failing to meet the deadline, the project’s developers are confident that an anchor tenant can still be found to enable the scheme to proceed.
Talks between Minerva and the scheme’s potential anchor – understood to be John Lewis – collapsed over disagreements regarding the layout and location of the development.
A Minerva spokesperson said: “This active dialogue is constructive and will involve delivering necessary revisions to the consented scheme.”
John Lewis has previously expressed its intentions to open a 240,000 sq ft (22,295 sq m) department store at Park Place, but was unavailable for comment on the latest development.
Lend Lease senior development manager Mark Boyes said: “Minerva and Lend Lease remain focused on progressing the Park Place scheme and continue to work with the key stakeholders to deliver a shopping and leisure district that we remain positive will be a top 10 UK shopping destination.”
Park Place is part of a wider scheme to transform Croydon, which the developers hope will become London’s “third city”. Architect Will Alsop has been given the ambitious brief of delivering a vision for the town as a major London landmark, capitalising on its location and access to the West End, the City and Gatwick airport.
The 900,000 sq ft (83,610 sq m) development, which obtained planning permission eight years ago, is scheduled for completion in 2012.
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