Developer Lend Lease has entered into a contractual agreement with housing association L&Q for managing housing across its Elephant and Castle regeneration scheme.
L&Q will take ownership of housing to be built at Elephant Park by Lend Lease.
It is expected that 550 homes will be built. Lend Lease has announced half of the homes will be available for affordable and social rent, while the other half will be available under shared ownership.
Councillor Mark Williams, cabinet member for regeneration, planning and transport, said: "Making sure we have more quality, affordable homes for people in Southwark is a key priority for us. I am pleased that L&Q will be working with our development partner Lend Lease to help progress the regeneration of the area.
L&Q is also managing homes at Lend Lease’s Trafalgar Place site for the Elephant and Castle project. The 235-home development is now close to completion, meaning that residents of the first homes will soon be able to move in.
Rob Heasman, Lend Lease's project director for Elephant and Castle, said: "By working with L&Q in a master agreement for the Elephant and Castle scheme, we are forming a long-term partnership with an established and trusted registered provider."
"We've already surpassed one degree of global warming," said Kristen Buida, manager of the London Climate Change Partnership.