THE Executive Council yesterday gave its blessing to the Land Development Corp's plans to develop an area bounded by Tai Yuen Street and Wan Chai Road.

The approval was the final step before the LDC can start assembling land in the 0.85-hectare site, which it is developing in a joint venture. Chinese Estates has a 40 per cent stake in the consortium, Kwong Sang Hong has a 25 per cent stake, Chi Cheung Investment 20 per cent and Peregrine Group 15 per cent.

The project calls for a mixed residential, office and retail complex to be built on the site, with a total commercial gross floor area of 887,944 square feet.

Various community facilities will also be included in the project, with a total gross floor area of 79,655 sq ft. The project is scheduled to be completed in 2002.

The site is bounded by Tai Yuen Street, Queen's Road East, the Ruttonjee Hospital and Cross Street, including portions of Stone Nullah Lane and Wan Chai Road, and is currently occupied by four-storey to eight-storey residential buildings with retail and metal shops on the ground floor.

The LDC said that more than half of the existing buildings were constructed before 1966 and that on-street hawkers are now trading along Cross Street and Tai Yuen Street. Joshua Fellman

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