The UK’s largest fruit, vegetable and flower market, Covent Garden Market, could be the setting for a £2bn redevelopment featuring 3,000 homes plus a combined 21,000sq m (226,042sq ft) of leisure, office and retail space.

Architecture giants BDP and SOM have submitted plans – a “refinement” of the scheme by Foster & Partners and Neil Tomlinson Architects which won planning in 2012 – for the regeneration of the New Covent Garden Market site in central London.

The Covent Garden Market Limited Partnership, an asset which included 31 properties including the market itself and the London Transport Museum, was previously sold to Capital & Counties for £420m in 2006.

The latest plans, with developers Vinci and St Modwen, have been backed by the Covent Garden Market Authority and would see a new food quarter created as part of the new market, while around 50,000sq m (538,196sq ft) of facilities will be developed for the 200 business that operate out of the massive bazaar.

In addition, the plans include an 8ha mixed-use development which would contain the residential element, alongside 13,000sq m (139,931sq ft) of office space and 9,000sq m (96,875sq ft) of leisure and retail space.

Work is scheduled to start in 2015 if the scheme is given planning permission.