Southwark council approved proposals to see a comprehensive redevelopment of a large chunk of south-east London on Tuesday.
The masterplan includes a library, leisure facilities, shops and new public spaces located around the Canada Water dock.
There are also plans for nearly 3,000 homes - 35 per cent of which will be affordable accommodation - and 10,000m 2of new office, business start-up and live-work space.
According to the council, over the past year more than 200 meetings have been held in consultation with the local community and interested parties to develop the plans.
British Land's joint venture with Canada Quays (BL/Canada Quays Ltd) was chosen in July 2003 as the council's preferred development partner.
Councillor Jeff Hook, who on Wednesday took over as Southwark council's executive member for regeneration, said that the vast majority of people in the area had told the local authority that they were happy with what was being proposed.
London's Canada Water set for transformation