Design feasibility studies for the site are in progress and include a range of options including a 30-storey building.
Oasis and United House will now begin engaging with the local community, stakeholders and the London Borough of Lambeth to develop a scheme for the site.
They will be consulting widely with and involving neighbours, local businesses, community groups and all relevant statutory bodies in the New Year.
Following the consultation process, detailed plans will be produced and a formal application will be submitted to the London Borough of Lambeth and the GLA.
Steve Chalke, the founder and leader of Oasis, has described the plan as his “20:20 Vision” for the area.
He said: “I am delighted to be working with United House on the redevelopment plans for the Oasis Centre. We are working hard to meet the needs of the local community in Waterloo and to develop a sustainable programme of positive and inspirational change. I am confident that, together with United House, we can develop a scheme that builds on our existing work and create huge benefits for this community.”
Jeffrey Adams, Group Chief Executive of United House, said: “We are excited about the prospect of working with Oasis in Waterloo and with the Lambeth community. We look forward to assisting Oasis deliver its regeneration goals and transformational 20:20 Vision.”