Londonewcastle and their joint venture development partner UK and European Investments have received planning consent to develop 121 new homes in Canary Wharf, E14, subject to legal agreement.
The new development, a luxury 31-storey tower, will be situated on West India Docks, and will feature a selection of apartments and penthouses. The scheme was designed by award-winning Ian Simpson Architects.
Dollar Bay will include a double-height reception area with 24-hour concierge service, a residents' cinema and private dining facilities, fitness studios, a landscaped garden and secure basement car parking.
The new homes in the tower will benefit from uninterrupted views of the river with Canary Wharf and the City in one direction and the Olympic Park, O2 and Greenwich Peninsula in another.
The development also includes the regeneration of a site on Thomas Road to deliver much needed new homes. Of the 64 residential - also designed by Ian Simpson Architects - 59 will be affordable homes, bringing the percentage of affordable housing across the two sites to 46%.
David Barnett, CEO of Londonewcastle, said: "We are excited that Tower Hamlets has given the go ahead to a British designed addition to the Canary Wharf success story - and during an exciting year for East London with the Olympics just around the corner."
Barney Kelham, head of UK and European, added: "I am delighted the scheme has been given the green light. This is an exciting project for us and provides high quality residential units for the Canary Wharf market. This project, alongside our recently developed 1 Kingsway project, is part of the exciting ongoing property development taking place across the capital."