Developer Great Marlborough Estates plans to build two towers rising to 54 and 42 storeys in an area known as the Vauxhall cluster.
Its £600m Vauxhall Cross Island scheme has been designed by world-famous Zaha Hadid Architects and will offer a mix of new homes, offices, shops and a hotel.
Both towers will be linked by a 10-storey podium.
The contractor and start date for the project will be revealed in the coming months, becoming a symbolic scheme for recovery in London after the coronavirus crisis.
The north tower will consist of 257 homes, ranging from penthouses to three-bedroom family-friendly flats, with access to private winter gardens, communal lounges and a children’s play area.
The taller south tower will include a 618-room landmark hotel with views across the capital.
A new public square with also offer shops and restaurants with office space spread across the lower floors of both towers.