Located on the site of the famous former Broadwood piano factory on Fish Island, the project when completed will house 204 student beds in two six and seven-storey blocks.
The ground floor of both buildings will host incubator space for the London College of Fashion.
A third five-storey building making up the Piano Works Scheme will contain 840 sq m of commercial floorspace, which will be entirely given over to community organisation, the Stour Trust, which nurtures local commercial, artistic and industrial enterprises.
Southern Grove has yet to select the main contractor for the project, which is expected to start next summer.
Students will enjoy co-working facilities, and space for pop-ups and creative workshops.
Southern Grove hopes to exceed a planning requirement that 35% of the student accommodation is affordable, providing a discount on market rents of more than 50% in some cases.
Tom Slingsby, CEO of Southern Grove Group, said: “The Piano Works will be yet another design-led, landmark development helping to make Fish Island a magnet for young people, students, entrepreneurs and the businesses that want to reach them.
“The presence of Stour Trust and the London College of Fashion will present no end of opportunities for local people and residents. This is the kind of scheme that suddenly puts an area on the map, creating a wave of inward investment that we’re sure will last for decades.”