Meadowbank redevelopment plan shelved

THE controversial redevelopment of Meadowbank Stadium is set to be put on ice indefinitely as a result of the credit crunch.

It emerged today that councillors will be asked to support delaying the project until the economic crisis has passed and the value of land goes up again. Work may have to be carried out in the meantime to keep the ageing facility "fit for purpose".

The city council had expected to bring in around £17 million through selling a third of the Meadowbank site for housing after bulldozing the existing stadium and velodrome.

The plan is to build a £25m revamped sports complex featuring a new 5000-capacity stadium, running track and indoor sports centre situated on the eastern part of the site, with the western part earmarked for hundreds of homes.

But with the credit crunch putting the squeeze on housing developers, the value of the land at Meadowbank has dropped and could no longer earn the council anywhere near £17m.

The council had originally planned to shut Meadowbank in early 2011 and construct new facilities within two years. However, it looks set to be delayed for an indefinite period of time.

Deputy council leader Steve Cardownie said today it was "impossible to predict" how long the Meadowbank redevelopment could be delayed.

He said: "Given the credit crunch and the fact that land values have dropped dramatically, it might not be the most appropriate time to try to realise the capital receipt that's predicted for the sale of part of the land.

"The principal is still firmly established that we want to replace it, but timescales have had to be reconsidered, especially for the sale of residential homes because that market has imploded.

"But we are not going to get involved in fire sales of council land that belongs to the people of this city."

He added that the council would ensure the facility is "fit for purpose" throughout any delays.

Save Meadowbank spokesman Kevin Connor said the delay would give campaigners more time to put their views forward to the council.

He added: "We certainly expected the credit crunch to have an impact on the value of the site.

If the only source of funding that the council can come up with for a sports complex is through the sale of land then there's a problem."

It emerged last month that some of the city's major public building projects could face delays after council chiefs revealed a £20m black hole in their finances.

Labour group sports spokesman Paul Godzik said: "I would recognise that it's a difficult economic time. However, there's a real need to move forward with delivering some 21st century sports facilities in Edinburgh."

Councillors will discuss the proposal next Thursday.