Plans have been submitted for a major project that would deliver around 6,500 new homes in Silvertown and restore the historic Millennium Mills building.
Put forward by The Silvertown Partnership, designs for the 50-acre site include canal walkways, a paddle board club and new bridges providing greater access to the water.
Half of the proposed homes are earmarked to be 'affordable'.
Real estate group Lendlease, which is part of the partnership, said the development is forecasted to contribute between £76 million and £90 million per year to London’s economy.
The vast majority of this is expected to be in Newham, they added.
READ MORE: King Charles and Queen Consort to visit east London, palace says
Lendlease also said the project is predicted to create more than 10,000 jobs and that more than 1,300 people per year will be involved in construction of the site. A target has been set for 25 per cent of those to come from Newham.
The £3.5 billion development plans would also include a new centre for the Royal Docks and more than five acres of water would be central to the new neighbourhood.
The Millennium Mills building, largely disused for around 40 years, will be fully restored and form the centrepiece of the new community, Lendlease said.
The plans aim to make Silvertown a hub of new industry, featuring more than 780,000 square feet of work and creative spaces in the refurbished Millennium Mills and the surrounding area.
READ MORE: Milestone reached in latest phase of 1,850-home development
Lendlease said Silvertown could also become a new cultural hub for the Royal Docks, with new arts and leisure facilities, cafés, restaurants and bars.
Lendlease's Ed Mayes, project director, said: "After months of working together with local residents and our public sector partners Greater London Authority, Homes England and the London Borough of Newham, I’m proud to present our vision for this iconic new neighbourhood.
"This is a pivotal moment for the Silvertown development, as we reveal plans for a neighbourhood that will create thousands of much-needed new affordable homes and jobs for Newham.
"I look forward to continuing to work closely with the local community and our stakeholders to make this shared vision a reality."
The Silvertown Partnership is seeking full planning permission for phase one of the proposed development.
Phase one will include 1,248 new homes, including 610 'affordable' homes, and 82,328 sqm new commercial space.
Outline permission is sought for the remainder of the site.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here