Lend Lease has submitted detailed plans for the first phase of its £1.5 billion regeneration of Elephant & Castle's Heygate Estate.
The application - dubbed MP1 - comprises 360 homes at the south-eastern part of the estate and ranges from three-storey townhouses to a 16-storey tower.
Southwark Council, which is Lend Lease’s partner on the regeneration programme, approved the scheme’s outline masterplan earlier this year.
The complete project will see the delivery of 2,500 homes on the whole site over the next 15 years.
Pascal Mittermaier, Lend Lease’s project director for Elephant & Castle, said the latest application was “another major step forward” in the ongoing transformation the area.
“The homes that replace the Heygate Estate will be some of the most sustainable and energy efficient places to live in Britain and we look forward to working in partnership with Southwark Council to deliver them,” he said.
Councillor Fiona Colley, Southwark’s regeneration lead, said the pace of change at the Elephant was remarkable.
“As new homes at Trafalgar Place and One the Elephant rapidly come out of the earth and the leisure centre begins to take shape, I am delighted that a planning application for the next phase has already been submitted,” she said.
“The 360 new homes, if granted permission, will include 25 per cent affordable housing and be a mix of attractive town houses and flats that will complete Wansey Street and complement the existing homes."
Work has already started on-site on the 37-storey, 284-home One The Elephant development, and the 235-home Trafalgar Place scheme, which neighbour the Heygate site.
Lend Lease said it expected a decision on its detailed MP1 plans in early 2014.
A new website for the local community, which explains the council's plans for the regeneration of Old Kent Road, has been launched