A background to the Wood Wharf scheme
A masterplan for Wood Wharf, to the east of the Canary Wharf estate, was first approved in 2003 by Tower Hamlets Council.
It was for nearly 5million sq ft of office space and 1,500 homes.
British Waterways, then owners of the site, selected a consortium of Canary Whaf Group and Ballymore Properties to work on the scheme. The two firms bought a 25 per cent share each in the site.
A new masterplan was unveiled in 2007, designed by Roger Stirk Harbour + Partners. The scheme showed taller towers and a high street with bars, shops, cafes and restaurants. This was approved by the council in 2009.
However, the economic crash followed and plans were held back.
In 2012, CWG took full ownership of the site from British Waterways and Ballymore.
It paid £52.4million to British Waterways and will also pay the group £6m annual ground rent from 2016, as part of a 250 year lease, as British Waterways will keep the freehold.
The site was turned from industrial land into a park for leisure activities.
Then in January of this year, architects Herzog & de Meuron, Allies and Morrison and Stanton Williams were selected by CWG to design the first phase of buildings at Wood Wharf.