Regeneration agency English Partnerships and the Tower Hamlets Council are to redevelop the Blackwall Reach area, which includes the gardens, and an outline planning application is expected to be submitted next year.
The plan includes 500 affordable homes, new shops, commercial premises, recreational facilities and a primary school while the open spaces are to be retained.
English Partnerships London and Thames Gateway regional director Steve Oakes said: “We still have a long way to go but are pleased we are able to embark on this journey.”
“Looking ahead, English Partnerships has recently acquired the former St Matthias community centre site, within the Blackwall Reach regeneration area. This site will be the location of first phase of new development.”