Santiago Calatrava is set to unveil a major £1bn (US$1.2bn, €1.1bn) project he is designing for London’s Greenwich Peninsula development.

The Spanish architect will reveal the scheme at a special launch event on 2 February, alongside London mayor Sadiq Khan and the senior management team of development company Knight Dragon.

Little has been revealed about the project, except for the fact it will be located “at the heart” of the growing residential and cultural district, which covers a 150 acre area around the O2 Arena to the south of the River Thames.

Knight Dragon has previously revealed Greenwich Peninsula will include 15,720 new homes across seven districts, a design zone for startups, a host of leisure venues and public spaces, central London’s largest film studio and a 5km “sculptural running trail”.

Other architects known to be working on the scheme include Skidmore, Owings & Merrill – creators of Dubai’s Burj Khalifa and the new World Trade Centre in New York – who have designed residences in the exclusive Upper Riverside neighbourhood.

Knight Dragon says £8.4bn (US$10.5bn, €9.8bn) will be invested in the peninsula, including £500m (US$628.6m, €584.4m) for the public spaces. At the event next week, Khan will speak about “the significance of the project for London and Londoners.” The mayor has previously claimed culture will be as important as housing, transport and the environment in his administration, and he has vowed to “embed culture in London’s planning system.”

Calatrava is known for his ambitious, sculptural high-profile projects. His firm’s recent completions include US$4bn (€3.7bn, £3.1bn) Oculus at the World Trade Center and the Museum of Tomorrow in Rio de Janeiro.

He is also working on the United Arab Emirates’ falcon-inspired pavilion for the 2020 Dubai Expo and the 828m (2,700ft) Tower in Dubai, which is set to marginally overtake the Burj Khalifa as the world's tallest building when it is completed.