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Building group BAM has been contracted by Utrecht city council to build the three storey construction with space for 12,500 bicycles.
The initial contract, to build the first phase of the bike park, is worth EUR 8m and due for completion in 2016.
The total cost of the project is EUR 48m, BAM said in April.
The underground bike park forms part of the redevelopment of the area around Utrecht’s central station, a massive project involving rerouting and expanding the tracks.
The redevelopment is due to be completed by 2018.