In this paper we refine and extend the results of [1], where a connection between the AdS 5 × S 5 superstring lambda model on S 1 = ∂D and a double Chern-Simons (CS) theory on D based on the Lie superalgebra psu(2, 2|4) was suggested, after introduction of the spectral parameter z. The relation between both theories mimics the well-known CS/WZW symplectic reduction equivalence but is non-chiral in nature. All the statements are now valid in the strong sense, i.e. valid on the whole phase space, making the connection between both theories precise. By constructing a z-dependent gauge field in the 2+1 Hamiltonian CS theory it is shown that: i) by performing a symplectic reduction of the CS theory the Maillet algebra satisfied by the extended Lax connection of the lambda model emerges as a boundary current algebra and ii) the Poisson algebra of the supertraces of z-dependent Wilson loops in the CS theory obey some sort of spectral parameter generalization of the Goldman bracket. The latter algebra is interpreted as the precursor of the (ambiguous) lambda model monodromy matrix Poisson algebra prior to the symplectic reduction. As a consequence, the problematic non-ultralocality of lambda models is avoided (for any value of the deformation parameter λ ⊂ [0, 1]), showing how the lambda model classical integrable structure can be understood as a byproduct of the symplectic reduction process of the z-dependent CS theory.