A new development proposal for Sneaker Street, backed by 40 per cent of local property owners, was unveiled yesterday - in competition with an Urban Renewal Authority scheme floated on Tuesday. The latest proposal was put together by local property owners and an anonymous developer. It would allow sneaker shop owners to keep their shops instead of renting them, but it requires the backing of at least 92 per cent of the property interests. Under the new plan, two 28-storey residential buildings would be built above a three-storey shopping mall at the site. Its podium would provide an open space of 8,600 sq ft and a Hall of Fame to commemorate sports celebrities. A representative of the K28 Concern Group, Liu Chi-ming, said yesterday that the new plan had already been approved by the Buildings Department early this year, proving it was structurally sound. Under the URA's scheme, retailers would rent, not own, their shops, Mr Liu noted. 'We want to own [our shops],' he said. 'Some owners are authorised dealers of some international sports brands, which require dealers to stay on Sneaker Street as a condition of doing business.' Owners who support the plan are largely from the K28 concern group, which comprises 95 per cent of shop owners and the owners of eight residential buildings - making up 42 per cent of the total property interests. They must obtain the backing of another 50 per cent of those with property interests before the plan can move forward. 'Even if we fail to acquire 90 per cent of the shares, we hope the authority will work with us, like its partnership with [developer] Cheung Kong [Holdings] in redeveloping the Nga Tsin Wai village,' Mr Liu said. He said the owners and anonymous developer had already formed a company, named Premier United Development. It issued a letter early this week to inform all owners of its acquisition plan, offering to pay flat owners 10 per cent more than the latest offer from the URA, and shop owners 5 per cent more. The authority this week offered as much as HK$200,000 per square foot for shops, and HK$7,012 per sq ft for flat owners. Mr Liu refused to disclose the identity of the developer, saying it was not a listed company. The developer was a 'private investor' who would fund only 30 per cent of the HK$1.1 billion project, he said. The remaining 70 per cent would be funded by the owners. Flat owners interested in the new plan had mixed views at a news conference yesterday. A Mrs Wong, who lives at Sai Yee Street, said she came because the offer from the URA - over HK$4 million in her case - would not be enough for a similar-sized flat in the same district. 'I believe in the new plan,' she said. 'The developer cannot cheat us, because it will be bound by a contract.' But flat owners' representative Wong Cheuk-chuen warned about making deals with an anonymous developer, and stressed the efficiency and experience of the URA. An authority spokesman said it planned to lease, not sell, shops in its scheme to ensure that retailers in the area remained sports-related. Best foot forward How it would look ... ... And the project in numbers 219 expected new flats 25 affected buildings 224 affected households 38 affected shops SOURCE: SNEAKERS ST CONCERN GROUP
