The proposed scheme would transform the area as an open-air 'urban quarter' including demolition of the existing centre and the construction of a network of new streets, green spaces and open squares with shops, restaurants, 500 flats and an underground car park in a number of new buildings ranging up to 14 storeys in height.
The redevelopment is set to be carried out in six phases, with the first phase to comprise around 100 flats and new restaurants.
Criterion Capital development head Michael Hughes said that the "multimillion pound regeneration" would "deliver millions of pounds of investment, providing hundreds of new jobs", according to local news.
“We will create exceptional permanent green and open space as well as deliver new shops suitable for high-street names and local independent shops alike. We want this regeneration to be distinctly Dalston,” he said.
Criterion is hosting an exhibition of its proposals in the local area this weekend and is planning to submit a planning application for the scheme in the autumn.
