London's Canary Wharf could have a dramatic new neighbour under plans for a £2bn redevelopment of nearby Wood Wharf announced yesterday.

British Waterways, the state-run landlord of the 20-acre Docklands site directly to the east of Canary Wharf, is inviting bids from private sector partners to regenerate the area.

With a "masterplan" already agreed with Tower Hamlets council for 3.5 million sq ft of commercial space and 1,500 residential units, British Waterways hopes to submit detailed plans for the site as soon as next year.

A spokesman for the organisation said yesterday that the development would be just as impressive as the giant glass towers of the Canary Wharf site, which are visible across London.

"It will be signature architecture," he said. "Canary Wharf has set the standard in terms of quality. We would hope to meet that or even exceed it."

Like the Canary Wharf development, Wood Wharf is envisaged as a combination of restaurants, shops and offices, as well as homes, a quarter of which will have to be "affordable" housing for local people, under the local authority's rules.

The closing date for potential private sector partners is March 15, and British Waterways believes it could take up to a year to hammer out the financial details of any partnership.

"Our vision is to create a world class development, which significantly contributes to London as a world city," said Robin Evans, British Waterways' chief executive.