Capco has not yet revealed its plans for its troubled Earls Court development following its proposal to spin off the site from its Covent Garden project.
The property giant has not addressed widespread speculation the proposed de-merger is designed to court buyers for the Earls Court land, following years of wrangling over the future of the west London development.
But community groups are hoping the uncertainty will lead to the Earls Court masterplan being reviewed again, and asking for the creation of a new, green exhibition centre to replace the exhibition centres that were demolished in the initial phase of the development.
Meanwhile, Hammersmith and Fulham (H&F) continues to demand Capco return two housing estates located in the section of the development located in its borough to the council.
The council has launched an inquiry into the deal by the previous administration that sold them off.
The masterplan for the Earls Court opportunity area provides for 7,500 new homes and will create 10,000 jobs, new urban villages and a high street.
It required the destruction of the Earls Court exhibition centres, as well as the West Kensington and Gibbs Green estates.
Capco estimated the value of its Earls Court site at £1.4 billion in December 2015, then downgraded that to £1.2bn in its interim results last year.
It had revalued the site at £759 million by December, following the sale of the Empress State Building to the Mayor's Office for Policing and Crime.
Last month Capco revealed its proposal to split off the Earls Court project from its Covent Garden development.
Its masterplan covers the Earls Court Opportunity Area, straddling Hammersmith and Fulham and Kensington and Chelsea.
Kensington and Chelsea's leadership earlier this year said they still supported the development, however they wanted to see more social housing included in the plan.
But since the Labour council took over H&F in 2014, its leadership has been calling for Capco to return the two housing estates to its control.
Following a full council meeting in January, the council has begun an inquiry into the Earls Court deal to examine the Conservative cabinet's 2012 decision to sell the estates to Capco.
The council's lawyers had written to the commercial and legal advisers appointed at the time in an effort to understand their independent advice, and what impact it had on the decision to enter what H&F leader Stephen Cowan this week labelled "a poor deal".
"We have been working with residents to help make sure their homes will always be safe from the severe challenges faced by the West Kensington and Gibbs Green estates following the deal agreed in 2012 by Capco and H&F Council," he said.
"We have committed to protect all housing estates and will develop further mechanisms to prevent any future sell off of council homes to developers."
Capco this week said it remained in discussions with the council about how to develop an "enhanced masterplan" for the site, which could include an increased number of homes.
The masterplan could involve the council taking the lead on future plans for the estates, a spokeswoman said.
However, if an agreement cannot be reached with the local authority, the original land sale agreement concerning the estates would remain in place, she added.
Meanwhile, community activists are continuing a years-long campaign that began with calls to save the exhibition centres, a well-known live music and cultural venue, and is now focused on replacing them.
They are also backing unions' fight to save the Lillie Bridge Rail Depot, earmarked for demolition in the masterplan.
Bella Hardwick, from the Save Earls Court Supporters Club, has raised a petition on the 38 Degrees website that calls for London Mayor Sadiq Khan to support calls for “the world's greenest venue” to be built on part of the site.
The club wants a replacement venue to be designed via an international architecture competition.
Its vision of a new centre, to host exhibitions, music, cultural and sporting events, is backed by artist and longtime Earl's Court resident Duggie Fields.
Bella Hardwick said the Earl's Court community needed a transparent debate, and a resolution soon.
She added: "It would be better if the Mayor came along and took it over and made it his legacy for London."
