Developer Willmott Dixon proposed the scheme in a joint venture with housing and community regeneration association Poplar HARCA. The scheme includes the regeneration of seven acres of land at the Aberfeldy estate in Tower Hamlets.
The proposed redevelopment of the estate, which is situated two miles from the Olympic Stadium, includes plans to build 1,176 new homes, shops, healthcare and community facilities over the next 12 years. The project would be split into six separate phases.
The Council approved outline plans for the scheme and resolved to grant detailed planning permission for the first phase, which has a development cost of £40m and would include 342 new homes and some retail space.
"Tower Hamlet's Council and London Thames Gateway Development Corporation have given the green light to a transformational regeneration programme that will enhance thousands of residents' lives, and significantly improve the infrastructure and amenities of the Aberfeldy area," said Steve Stride, chief executive of Poplar HARCA.
The regeneration scheme represents "the biggest" investment in this part of London, Willmott Dixon said. The scheme would replace "dilapidated" 1950s-era housing and create a better living environment for residents, complete with new shops and open, green spaces for recreation, the developer said.
"This is a mammoth undertaking that will provide an exciting future for Aberfeldy estate's residents as well as enticing a new generation of people looking to benefit from the region's Olympic legacy and its quick links into Docklands and the City," said Andrew Telfer, from Willmott Dixon. "Taking our regeneration experience of similar estates in other parts of London, we are pleased to be working with Poplar HARCA which has a strong and well established presence in this part of east London."
The proposed development is close to the East India Road Docklands Light Railway station and is a major boost for jobs and growth in Poplar following years of local infrastructure investment in readiness for the nearby 2012 Games, the Council said.
