London Mayor Boris Johnson has called on developers to bid to take on the Greater London Authority's Newington Butts project in Elephant & Castle.
The scheme, designed by architecture firm Rogers Stirk Harbour + Partners involves a 45-storey tower block with some 470 apartments, and the creation of new facilities for Southwark Playhouse.
Johnson this week set a 22 October deadline for developers to come forward to take on the 0.49 hectare site, which used to be home to the London Park Hotel.
“This project will play a key role in our plans to release public land to boost construction, create jobs and provide homes for working Londoners,” he said.
“It will be central to helping Elephant & Castle realise its enormous potential for growth and regeneration and so I’m delighted to ask developers to step forward and make it happen.
“We’re looking for a developer with the know-how, financial clout and the ambition that this fantastic project deserves and that will help to make this historic part of London an even better place to live, work and visit.”
As well as housing and theatre facilities, the site also provides for an area of publicly accessible open space and a pavilion structure at the intersection of Churchyard Row and Newington Butts.
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched