The scheme is being called Meridian Water and will create a new mixed-use waterfront community.
The council describes the project as one of the capital’s largest regeneration and investment opportunities.
The masterplan, developed by LDA Design, sets out a framework for building 5,000 new homes, three schools, a retail centre and a range of community facilities.
It has been designed to create a new opportunity for canal and riverside living in London by revitalising the valley’s waterways, improving parkland and recreational space and reconnecting the area with the resources of the Lee Valley Regional Park.
With potential to become one of the UK’s largest eco-developments, the proposals set ambitious targets for sustainability that include plans for a comprehensive district heating network supplied by waste heat.
Public consultation on the masterplan will run until 3 August, seeking views from local residents, businesses, community groups, investors and other stakeholders as the plans evolve.
"This will be one of the biggest development opportunities in the UK and the whole project will provide a massive boost to Enfield, London and the southeast," said Enfield Council's cabinet member for business and regeneration, Del Goddard.