I have been following the plans for the redevelopment of Smithfield with interest because it is the bit of the City which has so far retained its character and not been subject, as has so much of the rest of the City, to over-development. The attached article spells out the current state of the plans: the Museum of London taking over the west end in plans which look interesting, overseen by Stanton Williams; the more substantial west end to be redeveloped by Studio Egret West into a food hall and conference centre (did I miss a competition for this ?).
The issue is, as the article rightly points out, whether it can be done in such a way that it preserves its character – Les Halles is hardly a good precedent and Spitalfields, too, has become a bit bland. Maybe a big food market is the answer. Marylebone is a good precedent.