However, after snapping up a neighbouring plot last spring, Schachter asked Hadid to come up with all-new designs to replace two existing '80s buildings with eight flats, 1,600m2 of office space, gallery space and a café.
Schachter said: 'I believe we are adding to the heritage of the square with this scheme [and] as this will be Hadid's first building in London, we are helping to establish an instant landmark for the city to enjoy and cherish.'
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Zaha Hadid has revealed the latest in a long line of proposals for a new gallery, offices and apartment block for US art dealer Kenny Schachter in Hoxton Square, East London.
Although the project has gone through several iterations during a turbulent four-year journey, the 3,000m2 scheme could still be Hadid's first permanent building to complete in England.
Hadid's London 2012 Olympic Aquatics Centre is not expected to finish until 2011, while her Architecture Foundation HQ scheme, which was expected to be her London debut, was ditched in February.
'To say I am anxious to build this would be a monumental understatement,' admitted Schachter, who originally commissioned Hadid to design a much smaller scheme overlooking the square within the Shoreditch Conservation Area in 2004.