The London Legacy Development Company (LLDC) has formed a 50/50 joint venture partnership with Ballymore to transform Queen Elizabeth Olympic Park.

Together, the pair will deliver the transformation of two waterfront sites, one adjacent to the emerging East Bank community on the site of Queen Elizabeth Olympic Park.

The partners will create almost 1,200 new homes – 575 at Bridgewater Triangle (50% affordable) and 600 at Stratford Waterfront (35% affordable) – and ground floor retail spaces. The homes will comprise a range of tenures and typologies, including townhouses and lateral and duplex apartments.

Stratford Waterfront is a 0.96ha (2.4 acres) brownfield site located in the south of the Park. It is adjacent to East Bank, one of the most exciting culture and education districts in the world. When completed East Bank will provide new spaces for BBC Music, Sadler's Wells, V&A and UAL's London College of Fashion. The site is bounded by Waterworks River and Carpenters Road.

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Bridgewater Triangle is also a brownfield site which extends to 2.4ha (c.5.9 acres) and is bounded by Waterworks River, The Greenway and Pudding Mill Allotments.

The two sites will deliver high-quality residential developments set in the incredible natural environment of Queen Elizabeth Olympic Park. Residents will be surrounded by global sporting and cultural attractions, revitalised waterways, parkland and new emerging neighbourhoods, with superb transport links to central London and the capital's airports. Two newly established business districts at Here East and International Quarter London are attracting thousands of jobs to the area.

Rosanna Lawes, LLDC Executive Director of Development, said: "We are hugely excited to enter this partnership with Ballymore and to build on what has already been achieved over the last 10 years.

"Ballymore bring great expertise and proven regeneration credentials to help create thriving new communities with well designed, sustainable homes to meet all needs."

Ballymore will now bring its own cultural expertise to the area; the developer has a track record in pioneering regeneration programmes across the capital, each of them anchored by cultural institutions and independent businesses.

The JV hopes to complete the residential development at Stratford Waterfront and Bridgewater Triangle by 2028.