The JV has just signed off the Section 106 agreement, unlocking the 1.7m sq ft mixed-use regeneration scheme in Shoreditch.
Bishopsgate Goodsyard Regeneration JV will now start on detailed design and prepare to start site enabling works.
The developers will work with Network Rail on a delivery and phasing plan, with the first phase of construction anticipated to begin in two years.
John Mulryan, group managing director at Ballymore, said: “Bishopsgate Goodsyard is one of the most exciting redevelopment sites in London today.
“We bought this derelict site almost 20 years ago, having lain idle since 1964. Over several years we have developed strong relationships with the local people, businesses and councils, the GLA and transport bodies to ensure that the design aligns with their future aspirations for the neighbourhood.
“With a mix of new homes, sitting alongside workspace, shops, cafes and restaurants, cultural buildings, new streets and one of central London’s largest new parks, this place is designed with wellbeing in mind, where people want to live, work, and enjoy themselves.”
The 10-acre mixed-use scheme on the City’s fringe includes 500 homes, of which half will now be affordable as well as 1.4m sq ft of workspace.
The masterplan, designed by architect FaulknerBrowns, includes a high line-style elevated public park sitting on top of restored historic railway arches.
In total, the site will have over six acres of public realm, 25% larger than proposed in the original plans, first submitted in 2014, and covering over 50% of the whole site.
The mixed-use development will also provide new pedestrianised streets through the site, with a new east-west street created and the historic London Road under the arches restored and opened-up for the first time in decades.
The car-free development also includes two new culture and arts buildings, one in Hackney and one in Tower Hamlets, with a destination cultural building on Brick Lane and a new exhibition space located within the arches on London Road.