UK datacentre provider Infinity has finalised a deal to open up a giant facility in the Olympic press and broadcast centres, at the heart of London's Queen Elizabeth Olympic Park.
Infinity Stratford will be a 140,000 square foot datacentre with 40MVA of diversely connected power.
The company claims the East London datacentre will be one of the largest and most efficient in Europe, with low latency connections to the world's telecommunications networks that will be achieved due to the proximity to the majority of the UK's major internet peering points.
The datacentre will be built over the next two years and open in 2015 in a new digital hub, called iCITY, where it will be used to serve nearby companies as well as businesses in the City of London and London Docklands area.
iCITY, a joint venture between Infinity and real estate investor Delancey, finalised a deal on Thursday with the London Legacy Development Corporation (LLDC) to deliver a digital and creative hub in the one million plus square foot press and broadcast centres in the Olympic Park.
"iCITY will provide much needed infrastructure, commercial space and capacity for the digital and creative industries, the UK's fastest growing sectors of the economy, as well as much needed studio space in London," iCITY CEO Gavin Poole said on Thursday. "These buildings present an incredible opportunity to the creative and media sector enjoying unrivalled connectivity and power."
The iCITY technology cluster will house start-ups, corporations, universities, venture capital funders, and a theatre. iCITY will also provide 50,000 to 100,000 square feet of incubator and accelerator space from TechHub and Space Studios for businesses wanting to set up in the area.
The initative is aiming to create 4,500 jobs on site and 2,500 jobs in the local area. iCITY claims it can deliver £450m in GDP to the UK economy through job creation.
iCITY is expected to take ownership of the Olympic buildings in early 2014, subject to planning permission.
More than £1bn has now been invested in the former press and broadcast centres, with £500m coming from Infinity clients and £270m coming from secured tenants.
BT Sport, Loughborough University, and Hackney Community College will also be tenants in iCITY at the former press and broadcast centres.
iCITY was first selected as the preferred bidder for the press and broadcast centres in April 2012.
It could rival London's Tech City cluster that has built up around Shoreditch's Silicion Roundabout.