UK-based architectural firm RMJM has revealed development plans for a $1bn project to build a new residential and business district located in the Atasehir district of Istanbul.

The Turkish Government intends to transform the district into the country’s new financial district and business centre covering a total area of 372,000m².

Designed by RMJM’s New York and Istanbul studios, the luxury 107,000m² project features a 60-storey tower, 1,500 residential units, a five-star hotel, offices and conference facilities with landscaped public areas and parking facilities.

The green project will feature wind turbine technology and a cogeneration plant that will produce electricity with rainwater collection sites and facilities to optimise water usage and reduce energy consumption.

The project is scheduled to be complete in 2011.