Cash-strapped Lambeth College and its development partners, Carillion and Arlington Real Estate, have withdrawn a planning application for the scheme.
The mixed-use scheme was thrown into doubt by plans for a merger between Lambeth College and London South Bank University.
Key development partners must now wait for the outcome of these talks before sitting down with the new stakeholders to determine whether the project remains a strategic goal.
Under the original college funding plan, Carillion was to build a major vocational skills centre for mainly construction and catering trades supported by future capital receipts from the sale of over 200 private apartments, affordable housing and a 180-bed hotel in the rest of the scheme.
The flats were to comprise a mix of private and affordable residential units for rent and sale.
The total costs of the scheme depended on the scale and specification of the residential and hotel facilities but was estimated at £80m-£120m, with the new Skills Centre expected to cost £45m to build, topped up with £22m of funding from the London Enterprise Panel.
Proposed Lambeth College new skills centre
The propose new college site was located within the Nine Elms/New Covent Garden development area and was designed to ease huge industry skills shortage in the area as the vast Nine Elms, Elephant and Castle, Battersea and Waterloo projects click into gear.
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