Proposals to redevelop the site of a former hospital in east London will include the UK's first urban Community Land Trust.
This week the Homes and Communities Agency's (HCA) London Board - chaired by mayor of London Boris Johnson - selected its preferred bidder for the St Clements Hospital site in Bow, and confirmed that the project will incorporate the Trust.
Some 300 new homes of varying tenure could form part of the final scheme.
The name of the successful bidder has yet to be released, pending post-tender discussions, but a City Hall statement said: "With the freehold of the site held in trust for the local community, we can ensure full participation from the local community in the redevelopment proposals."
The 1000-member East London Community Land Trust is keen to partner the site developers, and said the HCA London Board’s decision was an important step forward.
Project director Dave Smith said: "There is some further work to be done with the preferred development partner in order to clarify the proposals for a community land trust within their proposed scheme, but we approach this with both enthusiasm and optimism, as well as a sense of purpose and steadfast principle."