Southwark Council has announced plans for 28 new homes and a sports pitch in the Downtown area of Rotherhithe.
It said the homes and sports facility would be built by housing association Family Mosaic and delivered in partnership with the Dockland Settlements Charity.
Five of the homes will be for social rent, four will be shared ownership, and the remaining 19 properties will be for market sale.
Southwark said the redevelopment programme was set to begin imminently and had a forecast completion date at the end of next year.
Council leader Peter John said regeneration was a wider issue than building new housing and also had to meet other needs of the local community and enhacne local facilities.
“The new sports facility and the additional affordable housing stock will do that by creating new employment opportunities and getting young people involved in exciting sports programmes,” he said.
Dockland Settlements chief executive Lorraine Cavanagh said the proposals were the result of longstanding work with the local community.
"We have been working with local residents for the past two years and have now reached a point where a programme of activities can be put together in readiness for the opening,” she said.
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched