A masterplan released by the developer outlines its new ambition to build 3,600 homes and a 1m sq ft new employment zone at the 90-acre riverside site.
Overall, the scheme has the potential to deliver 1.9m sq ft of floorspace which is similar to the scale of Peel L&P’s MediaCityUK development in Salford Quays.
Peel L&P has been investing in Medway for over a decade at its Chatham Waters development.
Since 2011, Peel L&P has pumped £125m into the redevelopment of the brownfield site, creating around 400 new homes, with a further 550 to be built over the next four years including 237 affordable homes and a new care home.
There is a further £500m to be invested over the next four years in Chatham Waters specifically on green community areas and an events zone.
James Whittaker, Executive Director of Development at Peel L&P said: “The vision is for a mixed-use sustainable community with a large employment area focusing on the digital, creative and health sectors along with a mix of homes including affordable homes, family housing, build to rent, open market and elderly living.
“The waterfront is a beautiful place, we have the chance to maximise this and create a community benefit that means all can enjoy the health and wellbeing advantages associated with this.”