Heatherwick Studio blended old and new with impressive results for London's Coal Drops Yard and the firm is set to do the same again with an even bigger project in the UK's capital, Olympia London. The £1 billion (roughly US$1.3 billion) development will update the city's 132 year old Olympia exhibition center and add new hotels, retail and restaurant space.

The project will significantly overhaul the rather tired old exhibition space and is expected to create around 5,400 new jobs once completed. Notable features will include a 1,500-seat theater, a 1,000-seat performing arts venue, two hotels, a cinema, and around 670,000 sq ft (62,245 sq m) of office space.

While it's early days yet, the renders do look a little reminiscent of Coal Drops Yard.

"We're excited to have the opportunity to work on this important but neglected piece of historic London, transforming Olympia into a revitalized place, not only for exhibitions but also for arts, culture, and entertainment," says Thomas Heatherwick. "Celebrating the original architectural innovation of the 132-year old exhibition halls, our vision aims to enhance the public experience of the site by creating over 2 acres [0.8 hectares] of new publicly-accessible space for visitors and the local community to enjoy."

Heatherwick Studio is also working with SSPARC for the project and recently received planning permission. Construction is set to begin in 2020 and the first businesses are expected to move in by 2023.

The firm has been busy lately and is also planning Google's new "landscraper" headquarters in London, as well as putting the finishing touches to the centerpiece of Hudson Yards, the Vessel.

View gallery - 5 images