A planning application to create 456 new homes, as well as 12,000 sq ft of new shops, cafes, restaurants and offices in the Nine Elms regeneration zone has been approved by Wandsworth Council.
A new pedestrian walkway will run through the development alongside a public garden, public courtyard and outdoor children's play areas.
Developer Marcus Cooper Group plans to demolish the black and white iconic Marco Polo House located on Queenstown Road to the east of Battersea Park in Wandsworth to make way for the new housing complex.
As part of the Section 106 legal agreement with Wandsworth Council, Marcus Cooper will pay more than £12m towards local infrastructure upgrades including two new Northern Line stations and an expansion of the Barclays Cycle Hire Scheme.
The London Plan expects to see up to 16,000 new homes and 25,000 new jobs created as the area is redeveloped.
Other contributions secured by the council include £2.5m for affordable housing programmes in other parts of the regeneration area and £92,500 towards improvements to Battersea Park.
Wandsworth Council’s planning chairman Cllr Nick Cuff said: “This scheme would create hundreds of new homes and provide almost £12m towards improving local services and infrastructure.