Officials say the massive project will be completed within three to five years.

The plan, which officials say took eight years to develop, covers an area of 229,000 square meters bound by the Huangpu River to the east, Suzhou Creek to the north, Sichuan Road M. to the west and Dianchi Road to the south.

Despite eight years of planning, district officials are still not ready to say how much the redevelopment plan will cost or when construction will begin.

The renovation will preserve the flavor of the area while adding more functions, said Wu Minglie, CEO of New Huang Pu Group Co. Ltd., the project's lead developer.

New Huang Pu is in charge of construction of public facilities, such as parks and parking lots for 2,000 cars.

The development plan is heavily based on a feasibility report put together by the local office of UK-based FPD Savills, which calls for 33 percent of the area to be dedicated to serviced apartments, 24 percent to be reserved for office buildings, while recreational and retail space will make up 23 percent of the area.

The remaining 20 percent of the area will host star-rated hotels, according to the plan.

The Wenhui Press Tower, once a high-end office building and home to Wenhui Daily, will be torn down and replaced with a square surrounded by art galleries and museums.

The Friendship Department Store, which was one of the first stores in the city foreigners were allowed to shop at but has since become a dilapidated shadow of its former self, will be replaced by a five-star hotel.

(eastday.com January 10, 2003)