Southwark Council has now approved construction of 360 new homes on the site of the former Heygate Estate.
The new homes represent the first phase of the Heygate Masterplan, for which Lend Lease received outline planning consent from the council last year.
The first phase will see 360 homes built along the south-eastern part of the estate.
Ranging from three storey houses to a sixteen storey tower, one, two, three, and four bedroom houses will be provided with a bias towards larger family homes.
The homes will showcase the latest sustainable building techniques including cross-laminated timber.
Pascal Mittermaier, Lend Lease’s Project Director for Elephant & Castle, said: “We are rapidly transforming Elephant & Castle into one of the most exciting and desirable places to live in Central London.
“The homes that we are creating here will also be some of the most sustainable and energy efficient homes ever built in Britain.
“The Masterplan will also create London’s largest new park for 70 years and will implement new infrastructure to support sustainable transport.”
Fiona Colley, Cabinet Member for Regeneration, said: “The 360 new homes will include 25% affordable housing and be a mix of attractive town houses and flats that will complete Wansey Street and complement the existing homes.
“This adds to the remarkable pace of change at Elephant as new homes are already visibly taking shape and the Leisure Centre enters the next phases of construction.”
Construction of the phase one homes will also create job and training opportunities for local people, including 20 apprenticeships, 38 short courses and at least 44 full-time jobs.
Architects for this phase of the project are Maccreanor Lavington Architects and the public realm designers are Gillespies.