The Velodrome is being constructed by ISG, the company responsible for replacing the track at the Manchester Velodrome.
"Today we've witnessed the start of construction of what, with the help pf Sir Chris Hoy who helped design the Velodrome, we hope will be the fastest track in the world for London 2012, helping Olympic and Paralympic cyclists better their performances last summer in Beijing," said Olympics minister Tessa Jowell.
The 6,000 seat Velodrome will host the Olympic and Paralympic indoor track cycling events in 2012, and will be used by athletes and the local community after the Games. It will create one of the area's most iconic event spaces.
The legacy Velodrome will include a café, bike hire, cycle workshop facilities and the venue design includes a 360 degree concourse level with views over the Olympic Park.
To leave a comment and let us know your thoughts.