The site is the final parcel of land to be developed as part of the London 2012 Olympic and Paralympic games legacy.
The site is situated close to the A12, and is currently home to several heavy freight uses. Network Rail will work with Maccreanor Lavington Architects to develop a vision for the site's redevelopment.
Possible options for the area include, a new neighbourhood of homes, a logistics and freight hub as well as a new business campus.
Commenting on the project, Robin Dobson, Group Property Director at Network Rail said: "As the last part of the regeneration story for the Olympic Park, Bow Goods Yard is strategically connected by both road and rail. The development has the potential to create London's largest state-of-the-art freight and last mile logistics hub to serve Greater London, alongside delivering homes, a workspace campus and open space connecting to the surrounding neighbourhoods.
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"The regeneration of this strategic site demonstrates the huge importance rail infrastructure plays in unlocking the development of brownfield sites and to deliver on London’s sustainability agenda. We look forward to working closely with both communities and key stakeholders on this opportunity."
Reflecting on their involvement, Blazej Czuba, Associate Urban Designer with Maccreanor Lavington said: "We have been developing unique approaches to London's employment locations for many years and we are thrilled to have been selected to apply them on this unique site. Bow Goods Yard has the potential to be London's most industrious sites - it is also about its newest park and the evolving residential neighbourhoods around it.
"This project needs care and sensitivity in its design, with a fair amount of innovation. The team understands the complexity of London: its communities, its spatial character, its uses, and the mix that will create a new neighbourhood here for the people of Newham and Tower Hamlets."
