The South Quay Plaza development on the Isle of Dogs in east London, designed by Foster + Partners for residential developer Berkeley Homes, will also feature a 36-storey tower, providing a total of 900 new homes.
Over 6,000 square metres of public space will be included, along with a variety of ground-floor shops, cafes and restaurants.
"Our plans for South Quay Plaza will deliver a world class development," said Harry Lewis, the regional managing director at Berkeley Homes.
"We will provide much needed new homes, including new affordable homes, over an acre of new and enhanced public open space, a re-activated waterfront onto South Dock and the Millwall Cutting, as well as space for retail, bars and restaurants. This is a rare opportunity to deliver such significant, high quality public realm in Canary Wharf."
The development will involve the demolition of existing buildings on the site, including a 1980s office block.
"The proposals represent the culmination of over a year of hard work by the project team, which has included four public consultation events and numerous meetings with local stakeholders," added Lewis.