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Trio of towers set to crown London's Peninsula project

Plans have been unveiled for an ambitious £1 billion (roughly US$1.26 billion) mixed-use development in London, by Santiago Calatrava. The starchitect's first significant project in the UK, Peninsula Place will include restaurants, retail and entertainment areas, in addition to a new tube and bus station.

Judging by the renders, Peninsula Place looks like it's going to be a pretty impressive-looking landmark for the area. Located near the O2 Arena, it will include a winter garden and galleria topped by a trio of towers which include workspaces, apartments and hotels.

Some 1.4 million sq ft (130,064 sq m) of floorspace will be divided between a theater, cinema and performance venue, in addition to a number of bars and shops. A land bridge by Calatrava that very much bears his usual design language will also provide a connection to the Thames.

The project is being developed by Knight Dragon and is a part of the firm's ongoing £8.4 billion ($10.5 billion) development of London's Greenwich Peninsula. The Peninsula Place, along with other new buildings in the area by Allies & Morrison, will create 800 new homes between them, 200 of which are promised to be "affordable." Though, with London home prices being what they are, that should be considered a relative term.

The news will be seen as a boon for London (alongside Apple's planned new digs too), particularly welcome in light of the fallout resulting from the UK's plans to withdraw from the European Union.

"I am delighted that Santiago Calatrava has chosen London for his first major project in the UK," says Mayor of London Sadiq Khan. "This shows that London remains open to investment, trade and the very best talent from around the globe."

We've no word on the expected date of completion, though Calatrava isn'texactly known for completing projects within schedule – nor within budget for that matter.

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