The scheme, which will transform the former Westminster Kingsway College site in Battersea Park Road, also includes plans to turn the existing Tate Library into a restaurant and wine bar.
Designed by EW Mountford, the architect behind the Old Bailey, the building was originally occupied by the Battersea Polytechnic and boasts a 'rich Wrenaissance' facade.
As well as refurbishing the building's main wings, the practice intends to demolish a number of 1950s additions and replace them with new brick and stone structures.
Describing the project, practice director Chris Bennie said: 'The scheme will preserve a much-loved local landmark, peeling away unsympathetic later additions and replacing them with new apartment wings in a cooler, restrained Modernism.'
In total the scheme will create 204 apartments for developer St James and is expected to be complete by the end of 2008.