Developer Lend Lease has signed a deal with Southwark Council which will see it build more than 300 homes on the site of the existing Elephant & Castle Leisure Centre.
The deal saw Lend Lease acquire a partly derelict site directly opposite the existing Elephant and Castle shopping centre.
The developer said that it plans to deliver a landmark development comprising high quality homes plus retail space.
Lend Lease Chief Executive Officer – EMEA, Dan Labbad, said: “We’re really excited about bringing high quality new homes to one of the best connected parts of London. Zone one developments of this scale are very rare and this is a unique opportunity for Lend Lease.”
“Elephant and Castle has a fantastic future and we’re excited to be playing a part in its transformation.”
Councillor Fiona Colley, Southwark Council cabinet member for regeneration, said: "The regeneration of Elephant and Castle is coming on in leaps and bounds, and this new agreement will be a further step towards the vision for this central London location.”
The new development is separate to Lend Lease’s involvement on the Heygate Estate, for which it has launched a concept masterplan.
"We've already surpassed one degree of global warming," said Kristen Buida, manager of the London Climate Change Partnership.