Developer Lend Lease has submitted detailed plans for the first phase of the regeneration of Elephant & Castle's Heygate Estate.
The application is for 235 new homes in eight buildings on a 1.1 hectare site along Rodney Road and Victory Community Park.
Following approval, construction on the first wave of redevelopment could begin next year and be complete in 2015.
The wider Elephant & Castle regeneration programme plans to create almost 3,000 homes over the next 15 years, at a cost of some £1.5 billion.
Rob Deck, Lend Lease's project director for Elephant & Castle, said the creation of a healthy and sustainable environment was at the heart of the proposals.
“We have a 15 year development plan for the Elephant & Castle and we’re committed to creating a healthy and thriving urban quarter that enriches and integrates with the surrounding well-established neighbourhood,“ he said.
“Phase one will set the benchmark for quality homes and ecological improvement for the wider Heygate masterplan, and our final plans show how we’ve worked with the community to design a development that achieves these ambitions.”
Southwark Council leader Peter John said he was delighted that the proposals had been submitted within two years of the council agreeing its regeneration partnership with Lend Lease.
“I welcome the next steps in the drive to creating a better living environment for residents, this next part of the process will edge us closer to seeing the vision for this hugely important regeneration site come to fruition,” he said.
A decision on the the new planning application is expected to be reached by the end of the year.
Last month Lend Lease submitted a planning application for the St Mary’s Residential development; a 37-storey building adjacent to the Elephant & Castle leisure centre which aims to be the most sustainable tall building of its height in the UK.
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched