"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. 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."
"Now the bank says construction will restart, but not on the previously approved Rogers Stirk Harbour & Partners scheme. 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."
The Riverside site at Canary Wharf was acquired by JP Morgan in 2008 for a new headquarters, but the banking crisis halted progress and the bank formally paused the project in 2015 after foundations and site-raising work. Construction will restart under a new Foster + Partners design rather than the previously approved Rogers Stirk Harbour & Partners scheme. The planned tower will accommodate around 12,000 staff and serve as JPMorganChase's main UK headquarters and largest EMEA base. Canary Wharf Group will act as co-developer and construction is expected to take six years, subject to planning approval. Interim upgrades will be made to 25 Bank Street. An independent study estimates a combined economic contribution of approximately £9.9 billion and more than 7,800 jobs over six years. The skyscraper cost is widely reported at around £3 billion.
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