Backed by the Architecture Foundation and developer First Base, the competition focuses on a site next to the developer’s proposed Printworks development on Amelia Street, designed by Glenn Howells Architects.
Entrants have until Friday 12 December to submit three A1 boards illustrating their proposals and a 10-page report.
A shortlist of between four and five entries will be drawn up and invited for interview by a jury including Evening Standard architecture critic Rowan Moore, Southwark councillor Caroline Pidgeon and Witherford Watson Mann partner Stephen Witherford.
First Base managing director Elliot Lipton said: 'The results of this competition will help to shape the future vision of Amelia Street and its immediate neighbourhood. In responding to this brief, we are looking for exceptional, intelligent and creative designs.'
Pidgeon added: 'I hope that the competition will not only help to enhance the local area, but also knit the new development together with the existing landscape around Amelia Street.'
The shortlisted entries will be displayed in a public exhibition and showcased in a future edition of the AJ.
Each of the finalists will be paid an honorarium of £1,000, with the winner bagging a prize of £2,000 as well as being paid a fee of £8,000 to carry out the work.
The shortlist will be announced at the end of this year, with a winner selected by January 2009.
Entry forms can be downloaded from www.architecturefoundation.org.uk