London Mayor Johnson Plans Floating Village on the River Thames

London Mayor Boris Johnson plans to create a village that floats on the River Thames as the U.K. capital strives to develop derelict industrial sites on the city’s eastern waterfront.

The mayor is starting an international competition for developers for the project, which will float on a 15-acre (6 hectare) area of water in east London, Johnson said in an e-mailed statement today. The completed project will be 1 1/2 times the size of the city’s Green Park, he said.

“It has the potential to become one of the most sought-after addresses in the capital while breathing new life back into London’s waterways,” Johnson said.

London’s docks are being targeted for redevelopment as a scarcity of land in the city center pushes new projects eastward. The London Development Agency is seeking a partner to develop Royal Albert Docks, a 35-acre patch of derelict docks, unused warehouses and industrial land near London City Airport.

The floating village project, located near the Emirates Airline cable car, will be linked to other parts of the capital by the Docklands Light Rail system and the Crossrail train, according to the statement.

Before it's here, it's on the Bloomberg Terminal.