The London Legacy Development Corporation has been given approval to create thousands of new homes and jobs on the Olympic site, to be known as the Queen Elizabeth Olympic Park after the Games.

The decision by Olympic Delivery Authority’s Planning Committee is the culmination of three years of intensive planning work and further cements London’s position as setting the blueprint for Olympic and Parlympic legacy.

It means that the Legacy Corporation is on course to develop its first neighbourhood Chobham Manor after the Games finish, with the first family homes set to be ready at the end of 2014.

The Legacy Communities Scheme covers 64 hectares (158 acres) of the 226 hectare (558) Queen Elizabeth Olympic Park with up to 6,800 homes planned across five neighbourhoods. They will serve new and existing residents of East London with new schools, nurseries, community spaces and health centres.

The plans also set out more than half of the 8,000 permanent jobs which are anticipated to be created on the Park over a 20 year period, from when it begins to reopen in July, 2013.

Andrew Altman, Chief Executive of the London Legacy Development Corporation, said:

“This decision represents a giant step forward for east London’s future and the culmination of years of hard work with the local communities and Olympic host boroughs.

“We can now realise the vision of creating a new piece of the city that will transform people’s lives with new opportunities.”

Daniel Moylan, Chairman of the London Legacy Development Corporation, said:

“We are delighted with the decision to approve our planning application for one of the most important regeneration projects in the London’s history. These five neighbourhoods will stitch together the surrounding communities of a formerly isolated area through new homes, schools, shops, parks, infrastructure and jobs.

“London is already further ahead in planning legacy than any previous Host Olympic City and now, after three years of intensive planning, we can begin to build the Queen Elizabeth Olympic Park’s first neighbourhood once the 2012 Games finish.”

The Mayor of London, Boris Johnson, said:

“This is a huge step forward in turning the vision for the development of Queen Elizabeth Olympic Park into a reality that will revolutionise the face of East London and deliver a lasting legacy for the capital. Creating a fantastic new community in which thousands of people can live and work, it is without doubt the most important regeneration project that the city has seen in 25 years.

The public also helped to decide the names of the five new neighbourhoods through a naming competition last year. They are: Chobham Manor, East Wick, Sweetwater, Marshgate Wharf and Pudding Mill.

Around 40% of the homes are family homes with the majority of the neighbourhoods drawing inspiration from London’s heritage of terraced housing. Up to 35% will be affordable housing in line with the London Plan.

There will be a rich public realm typical of what can be found in London’s great neighbourhoods, including 29 play spaces, plazas, canal paths, roof gardens and cycle paths.

Three new schools, two primary schools and a secondary school, will support the neighbourhoods and the surrounding area along with Chobham Academy school, which sits just next to the Olympic Village and will open in September 2013.

Other amenities include nine nurseries, three health centres and 12 multi-purpose community spaces, which could be community centres, libraries and gyms. They are in walking and cycling distance within each neighbourhood, and, importantly, are positioned in areas that are easily accessible to people living outside of the Park as well.

The LCS also provides for around 120,000 sq m of employment space, which could provide around 4,400 jobs in 2031 – with other venues and programming on the Park likely to take that figure up to 8,000 jobs, with a further 2,500 construction jobs anticipated.

They will sit alongside the sporting venues, 6.5 km of waterways, cultural attractions and open spaces, including the stunning green river valley in the north of the Park, and London’s newest public space in between the Aquatics Centre, Stadium and ArcelorMittal Orbit in the south plaza.