The project aims to convert the Millennium Mills site at Silvertown Quays in the Royal Docks.
Approximately five million sq ft of business space will be created along with 3,000 new homes on the 62-acre site.
Other additions include a school, cafes, restaurants, galleries and public spaces.
The scheme is part of a wider £3.5 billion project led by the Greater London Authority's (GLA) development partners, the Silvertown Partnership.
-- Advertisement --
Work started earlier the year following a £12m investment by the government to demolish parts of the former flour factory's interior along with removing asbestos.
Mayor Johnson said: "By breathing new life into this wonderful old flour mill we can rejuvenate this area of east London and contribute some serious dough to the capital's economy. Silvertown Quays will provide thousands of new jobs and thousands of much-needed new homes and facilities for local people as we return the area to its former glory."
Sir Stuart Lipton, who leads The Silvertown Partnership, added: "This is an important milestone for Silvertown. The decision by the Mayor of London ensures that this derelict and forgotten piece of east London is reinvented as a new creative hub for our capital – drawing the world's best creative talent, most ambitious start-ups and most innovative businesses – to make, show and share. This energetic and exciting new London destination will also bring forward 3,000 new homes, thousands of jobs and long term benefits for the local and London economy."
(LM)
