The announcement is being hailed as a bold move which shows that despite the credit crunch property construction is still going to be going ahead in London. It is also expected to be a catalyst for further developments in the area.
The new Crossrail station at Canary Wharf, which will incorporate the DLR and Underground services already serving the financial district, is regarded as vital.
Wood Wharf, which will be developed by Ballymore, Canary Wharf Group and British Waterways, is also regarded as a key project that will deliver offices across six buildings as well as 1,700 apartments.
Canary Wharf Group's 150-room hotel project, dubbed Newfoundland, will also provide shops, restaurants and learning training facilities.
'I am determined to do everything I can to minimise the impact of the economic downturn and ensure that I use my powers to support the development sector in particular,' said Johnson.
'We cannot stop building in our city and just as we will forge ahead with our huge house building programme, we must ensure the development process for all construction projects is as smooth and speedy as possible,' he added.
'Once Crossrail arrives in Canary Wharf it will act as the catalyst for the construction of more offices and the other facilities including new shops and more hotels, creating lasting jobs over the coming decades.'
