East India Dock Basin in London is set to become a major park and visitor destination after four development partners were shortlisted to transform the site.

Located opposite the O2 arena on the north side of the River Thames, the 10-acre (4-hectare) site is one of the first phase projects for the new Lea River Park in the Lower Lea Valley. Lea Valley Regional Park Authority (LVRPA) and London Thames Gateway Development Corporation (LTGDC) selected the four shortlisted firms after receiving 15 outline proposals for the site, which will include leisure, community and commercial facilities.

Both LVRPA and LTGDC expect to announce their preferred development partner later this year, and it is hoped the project will be completed by 2011, ahead of the London 2012 Olympics. Peter Andrews, LTGDC chief executive, said: "East India Dock Basin is a central element of our vision for the new Lea River Park, driving regeneration in the area. The facilities we hope to see at the site will create one of east London's premiere open spaces, connecting the community to its surrounding area and creating a high quality, vibrant destination for all to enjoy."