London, Aug. 13 (ANI): The Olympic Park in Stratford will be converted into a cultural hub, and will rival London's South Bank, which is Europe's largest centre for the arts, its organizers have promised.

The park, which was developed on one of the most deprived and dilapidated areas of East London, is all set to become the Queen Elizabeth Olympic Park.

With sporting, residential and commercial facilities, the new park is promised to become a major centre for the arts, The Telegraph reports.

According to the report, the site will be officially renamed and construction will begin on the first of new five housing areas next year.

Up to 8,000 new homes will be built on the park by 2030, in addition to the 2,700 in the current athletes' village.

Three schools and several nurseries will also be built to serve the new residents.

The park will be divided into two sectors, north and south, both of which are promised to host regular arts events, installations and exhibitions.

The northern part of the park will host poetry-inspired installations revealing the area's history and musical recitals.

However, iCITY, an information technology company, has been named as the preferred bidder to take over the venue.

The company said that it would create more than 4,000 jobs on the site by using it as a base for both new and established technology firms. (ANI)