London Mayor Boris Johnson has approved plans for the £1.5bn regeneration of the Heygate Estate in the Elephant and Castle area, south London, UK.
The project has already secured approval from the London Borough of Southwark.
Designed by Make Architects, the scheme will create 2,500 new homes, including 600 affordable properties, which will be built demolishing the existing building on the site.
The first phase of the scheme will include regeneration of the Heygate Estate to create 235 new homes on a 1.14ha site.
Designed by de Rijke Marsh Morgan Architects, the new homes will meet Level 4 of the code for sustainable homes and requirements of the London Plan.
Phase one will include eight new residential buildings and include a range of new homes, from studio apartments to four-bedroom houses.
Homes will be developed within a diverse landscaped area featuring a woodland walk, a rain pool, wetland feature, garden square and outdoor cafe space.
The development will also feature a new tree-lined pedestrian street to improve walking and cycle connections in the area, along with 291 cycle spaces, a children's play area and new green space.
Johnson said: "It is vital that we push forward with work to unlock the massive economic potential of the Elephant & Castle area, which has languished in a no-man's land for too many years."
The first set of homes are expected go on sale in April, with construction starting in 2013 and scheduled completed set for 2015.
Image: The first phase of the development will feature 235 new homes on a 1.14ha site. Photo: courtesy of Lend Lease.