On 26 September 2013, developer Hutchison Whampoa Properties broke ground on the eight-acre site, rebranding it as "Chelsea Waterfront", with Mayor of London Boris Johnson speaking at the ceremony. The £1 billion scheme will be "the biggest riverside development on the north bank the Thames for over 100 years", and will create 706 homes. New planning and design details were conceived between 2010 and 2012. The construction for the first phase (100 apartments) was completed in 2015/16, and phase two, which includes the power station itself, was completed in 2017/18.