Flats at One The Elephant will start at £320,000 for a one-bedroom apartment with 284 new homes due to be built.
Demolition has started on site and main contractor Lend Lease is hoping to start main construction work this summer.
Mark Dickinson, Managing Director of Lend Lease’s development business, said: “One The Elephant will be a spectacular landmark and the first major building block in the transformation of this quarter of Central London into a vibrant and exceptionally well-connected residential area.
“All 284 apartments will meet Code for Sustainable Homes Level 4. They will be 30 per cent more energy efficient than current regulations require and 30 per cent more water efficient than the current average.”
Designed by architects Squire and Partners, One The Elephant will feature a façade comprising a palette of stone, glass and metal which uses the most advanced sustainable construction methods and materials.
One The Elephant is the first major building block in the £1.5bn regeneration of the London Borough of Southwark, being developed by Lend Lease in partnership with Southwark Council.
A planning application for the masterplan is due to be voted on next week.