Private equity firm Carlyle Group has submitted plans for a 425,000 square meter residential and office development in London. The development will be located close to the One Blackfriars development and include a 48-story skyscraper with 500 apartments, at an estimated cost of GBP1 billion (US$1.6 billion).

The site was identified as an opportunity area in the Mayor of London’s London Plan, according to Property Magazine. The development plan maps out residential space, offices, public open spaces, retail and areas designated for cultural use.

PLP Architecture designed the urban quarter's master plan, which will include nine buildings of between five and 48 stories.

“This is a once-in-a-lifetime opportunity to truly regenerate and reinvigorate a large, important and extremely well-located but underutilized site right on the river Thames,” Mark Harris, managing director at Carlyle told the Financial Times (registration required).