Amsterdam - It's a beautiful Autumn day in Buitenveldert,
one of Amsterdam's most popular neighbourhoods set against a backdrop
of high-rises including the headquarters of Dutch ABN Amro and ING
Bank.
Children bike around safely here on the broad bicycle paths,
separated by trees from the roads.
During office hours, elderly people are strolling around in one of
the many parks or chatting on benches at the upscale Gelderland plein
shopping centre.
But despite appearances of such a peaceful urban setting, times
have changed for Buitenveldert.
The Financial Mile district, the booming business area along
Amsterdam's ring motorway, is feeling the pinch of the financial
crisis as banks are reconsidering their share in a 4-billion euros
(5.333 billion dollars) development of the railway station area.
A total of 1 million square metres will be developed on the strip
alongside the motor ring road separating the old from the new
Amsterdam.
The new construction will be a mixture of businesses, residential
homes, schools, universities, theatres and restaurants.
But while part of the project continues as planned, its heart, the
redevelopment of the underground railway station with commercial
properties above, has to find new shareholders.
Until recently, ABN Amro, Fortis, ING, HBOS, Royal Bank of
Scotland and others - were lining up to participate in the
construction project that would connect the old and new parts of
Amsterdam and boost local business.
'The banks can no longer commit themselves to the extend they
thought they could in the past,' says Jan Stoutenbeek, director of
the Financial Mile project management bureau which is responsible for
the area's development.
Originally, Stoutenbeek explains, the city wanted to establish a
Financial Mile company. Sixty per cent of its shares would be
auctioned among banks, while the city of Amsterdam and the Dutch
state would each become 20 per cent stakeholders.
'With the credit crisis going on, the auction will probably be
called off,' Stoutenbeek says. 'A decision about that will be taken
within the next few weeks.'
When Marissa and Peter moved to their new home in Buitenveldert
several years ago, they never imagined the area could be hit by
economic problems.
'Buitenveldert has it all,' Marissa explains. 'There are plenty of
schools, a good university, great sports facilities, lots of parks.
Both Peter and I work around the corner. We go to work on our bikes.'
Thanks to the light rail, Amsterdam's old city centre can be
reached within 20 minutes. In 2013, the new subway would reduce
that to 9 minutes.
So when Marissa and Peter put their home on sale in April, they
expected the process to be finished in just a few weeks.
Six months later, nothing has happened - and no potential buyer is
even visiting their well-maintained home.
'Maybe it's the credit crisis,' says Peter. 'I don't know.'
Financial Mile bureau director Jan Stoutenbeek however trusts the
current setback will only be temporary and not cause permanent
problems for the South Amsterdam area.
He says his bureau will continue talks with a few banks about
possible participation in the construction project on a one-to-one
basis.
'All our regular construction in the Financial Mile district
continues as usual. Buildings that are currently being built or that
are nearly finished, are filling up with renters just as quickly as
ever before,' Stoutenbeek said.
In the end, he says, the Financial Mile district and
Buitenveldert will be spared from true downfall thanks to their
strategic location, he believes.
'Trains from Amsterdam South railway station in the Financial Mile
district depart to Schiphol Airport every 13 minutes. A businessman
is an eight-minute train ride away from the gate to the world, while
his home can be around the corner. That is absolutely unique.'
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