Word: wharf
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Dates: during 2000-2009
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...into busts and how grandiose bets on real estate plays can get you into trouble, they would do well to learn the lesson of their surroundings. The summit of leaders from 19 of the world's key economies will be held in London's docklands, just east of Canary Wharf, a real estate megaventure conceived on industrial wasteland in Britain's go-go 1980s. By the time the first part of the project was completed in the early 1990s, Britain was in a deep economic slump, and the project's developer, the Montreal-based Olympia & York, went bust...
...Nonetheless, there is always hope - as summiteers could discover if they consider their surroundings. Canary Wharf may have looked like a white elephant in the 1990s, but - not without some trials and tribulations - it has since become an essential part of London's economy, expanding the center of that amoeba-like city to the east. So do big bets on real estate ever pay off? Anyone who saw the sheer scale of decrepitude and decay of London's docklands in the early 1980s like I did will need no convincing that they sometimes do. In the ever turning cycle...
When the 4,500 people who used to work for Lehman Brothers in London showed up at the investment bank's plush office on Canary Wharf on Sept. 15, only to be told that the firm was out of business and that they should look for another job, some of them did what any number of their colleagues around town have been doing for years: they threw a party. On the equity-trading floor, the internal p.a. system known as the "hoot" blared out the R.E.M. song "It's the End of the World As We Know It." And then...
...these days, coexisting with the urban blight are plenty of new, well-heeled residents in new, well-appointed residences: bankers and others who work at Canary Wharf, the docklands development where Barclays, Morgan Stanley, Credit Suisse and many others have their offices. Greenwich is just a short hop from the wharf, thanks to the Docklands Light Railway. Liam Bailey, head of residential research at the real estate firm Knight Frank, says the gentrification started a decade or so ago and has accelerated in the past five years. Knight Frank is currently offering one-bedroom apartments with river views there starting...
...says. "Whereas they used to buy their eggs and bread, now they're just buying a cup of tea." Heap, who opened the shop less than a year ago, has dropped her prices 25% and let some staff go. She remains upbeat about the future, but with Canary Wharf on her doorstep, she concedes, "I do feel a slight wave of fear...