The 180,000 sq ft Spring Mews scheme is expected to cost around £50m to build and will include 408-bed student accommodation and a 120-bed budget hotel.
Around these CLS aims to build 30,000 sq ft of shopping units and 50,000 sq ft of offices as well as a replacement community centre.
The group is already in discussions with potential tenants for pre-lets for the hotel, student housing and retail unit.
Subject to planning, it is intended that construction will commence in the second half of 2012.
The scheme is on a separate site half a mile from the proposed Vauxhall Square development.
A planning application for this much larger site will be submitted towards the end of this year.
This £250m sq ft mixed-use development will include two towers and an aerial walkway.
Sten Mortstedt, Executive Chairman of CLS, said: “These mixed-use proposals can provide substantial investment and regeneration into the Vauxhall area while meeting the significant demand for student accommodation and hotel rooms in central London.
“As a long-standing local Vauxhall based company, we are pleased to be able to work together with the Vauxhall Garden Community Centre to provide a brand new Community Centre facility within these plans.”