The Olympic Park will reopen as the Queen Elizabeth Olympic Park in 2013, after a phased transformation, it was announced today.

The new name has already been approved by the Queen, the British Olympic Association and the International Olympic Committee.

Pictured: An impression of the future Queen Elizabeth Olympic Park

The 500-acre Park in Stratford, east London, will bring together the best of Britain’s capital in one place. The Olympic Park Legacy Company (OPLC) will focus on the creation of family homes with the aim of establishing a network of facilities, including new schools, nurseries, health centres, and faith and community spaces.

Mayor of London, Boris Johnson, said: “Not since Georgian England has London seen such an ambitious and comprehensive vision for a new district.

“Our plans seek to combine the classical best of this city with the greatest benefits of modern urban living.

“Beautiful spaces, high quality family homes, spectacular facilities, excellent shopping, and unrivalled transport links in Europe’s largest new urban park.

“This is deliberately designed to capture the most attractive features of the Georgian age, to ensure our own Elizabethan age sets London up for generations to come.”

In addition, every effort will be made to make the Park a top visitor destination, ensure the venues provide a lasting sporting legacy, create commercial and job opportunities and help stitch together the area’s communities through new transport connections.

The future use of the Olympic Stadium, however, remains in doubt – with over 200 proposals for potential uses for the site put forward.

Among the frontrunners at this early stage are bids from West Ham United and Tottenham Hotspur, both of which would like to move into the new stadium.