Construction is now underway on the first 500 new homes.
Work started today on the landmark 37-storey One The Elephant with Trafalgar Place getting under way later this week on the site of the former Heygate Estate.
The work signals the start of a £1.5bn regeneration plan for the area over the next 15 years by Lend Lease in partnership with Southwark Council.
The first new homes at Elephant & Castle are scheduled for completion in the Autumn of 2015 with Lend Lease acting as main contractor across the whole project.
Pascal Mittermaier, Lend Lease project director, said: “The new homes at One The Elephant and Trafalgar Place will be some of the most sustainable and energy efficient places to live in Britain and will showcase the latest innovations and building practices.