One of Canary Wharf’s largest undeveloped plots is finally set to be built on, with JPMorganChase confirming plans for a new £3 billion skyscraper — two decades after the site was first earmarked for development.

Artist’s impression: The view from JPMorganChase’s Riverside office

The Riverside site, on the edge of the Thames, was bought by JP Morgan in 2008 for a new headquarters, but the banking crisis halted progress almost immediately. They later moved into Lehman Brothers’ former London head office instead.

Back at the Riverside site, foundations were laid, and the site was raised to ground level ahead of a potential sale, but in 2015, the bank formally paused the project, leaving the land untouched for nearly a decade.

Early foundation works in 2010 (c) ianVisits

Now the bank says construction will restart, but not on the previously approved Rogers Stirk Harbour & Partners scheme.

The previously approved scheme (c) Canary Wharf Group

Instead, Foster + Partners has been commissioned to deliver an entirely new design. While the final appearance is still to come, JPMorganChase says the tower will accommodate around 12,000 staff and act as its main UK headquarters and its largest base in the EMEA region.

Subject to planning approval, construction is expected to take six years. Canary Wharf Group will act as co-developer on the scheme.

While the building is being constructed, JPMorganChase will also make interim upgrades to the interior of its existing building at 25 Bank Street. An independent study commissioned by the bank, conducted with a major consulting firm, estimates that the combined project could contribute approximately £9.9 billion to the UK economy over the next six years, creating more than 7,800 jobs across construction and other local industries.

The cost of the skyscraper itself is not confirmed, but widely reported to be in the region of £3 billion.

Sir Sadiq Khan, Mayor of London, said: “JPMorganChase’s landmark investment in a new building here in London is a huge vote of confidence in the capital’s future and a testament to our enduring status as a global powerhouse for finance, innovation, and talent. London is open to investment and the huge opportunities that it brings. This major commitment will create jobs and further strengthen London’s position at the centre of the global economy, driving growth across the UK.”

In collaboration with Canary Wharf Group, plans include new public parkland surrounding the building, a redevelopment of the Canary Wharf dock, and improved access to the Riverside area of Canary Wharf.

Conor Hillery, Co-CEO of JPMorganChase in EMEA, said: “There should be no doubt about the enduring appeal of London as a world-class financial centre, and this investment would prove it. This is something for our employees to look forward to, and we can’t wait to get the construction underway.”

Matthieu Wiltz, Co-CEO of JPMorganChase in EMEA, added: “So many of us across Europe have built our finance careers in London, and we are aiming to build a legacy that will benefit the city and its communities for generations to come.”

JPMorganChase currently operates in London primarily from two buildings it owns at Canary Wharf and  Victoria Embankment in the City. It also leases additional office space in Canary Wharf. Once the Riverside development is complete, London-based employees will consolidate in the new building and the existing property at 60 Victoria Embankment, and the firm will consider its options for 25 Bank Street.