The first draft of Southwark Councilís area action plan for Old Kent Road and the surrounding area was approved by cabinet on 8 June 2016.
Plans include the creation of 20,000 homes, 5,000 jobs, schools, parks and two underground stations.
Surrounded by rapidly changing areas such as Elephant and Castle and Canada Water to the north and Peckham, New Cross and Deptford to the south, Old Kent Road is to be transformed with new facilities including shops, cafes, restaurants, as well as homes sitting on top of them.
The 20,000 new properties will include council homes and private rented homes in mixed-use neighbourhoods.
The Bakerloo line will be extended with two new stations along the road, and New Bermondsey will be provided with a new overground station.
Improvements will be made to bus infrastructure and public realm for pedestrians and cyclists, and new paths linking the surrounding neighbourhoods will be built.
Employment clusters providing office and managed workspace, hybrid, light industrial and low cost space will be created in Mandela Way, Hatcham Road, Latona Road, Sandgate Street, St James’s Road and south-east Berdmondsey, contributing to generate 5,000 jobs.
Up to two primary schools and potentially one secondary will be built by 2025. Other schools will be provided later in the 20-year plan period.
Plans also include a new health centre serving the area south of the road and a new community sports centre on Surrey Canal Road, as well as new parks at Mandela Way and the gasworks site.
Councillor Mark Williams, cabinet member for regeneration and new homes, said: "In Southwark we are tackling the housing crisis head-on, and our ambitions for the Old Kent Road are a key part of this work.
“This is a very exciting opportunity and we are encouraging local people to get involved in the conversations now to help shape the future of one of London’s most famous roads."
Old Kent Road was included as an opportunity area in the London Plan in March 2015, and the council worked with Transport for London, the Greater London Authority and local residents to prepare the area action plan unveiled in June 2016.
The draft plan is now available for consultation until 23 September at the council offices on Tooley Street, at Blue Anchor Library on Southwark Park Road and Canada Water Library on Surrey Quays Road. A series of events will be held to obtain public feedback.
The final version of the plan will be drafted in 2017. After a final round of consultations, it will be submitted to the secretary of state for an examination in public held by an independent planning inspector.
Old Kent Road area action plan can be viewed online here.
"We've already surpassed one degree of global warming," said Kristen Buida, manager of the London Climate Change Partnership.