The scheme includes an indoor swimming pool and leisure centre, 355 flats, a new headquarters for Rambert Dance Company, new public open space and shopping facilities.
According to CSCB, the pool will provide the community with a much-needed facility.
It will be operated by Greenwich Leisure, the same leisure operator running the controversial National Sports Centre at Crystal Palace and the Clissold Leisure Centre in Hackney.
An area of 1,800m 2will be given over to public open space, including a new public square at the site's western end with links to Waterloo Station and Waterloo Bridge.
CSCB claims the scheme is conceived as a terrace of different buildings each 'expressing its function and yet forming an overall composition on the street'.
'The materials chosen for the new development continue the theme of the site's neighbours, such as the National Theatre, with light coloured masonry, reconstituted stone and white render,' said a CSCB spokesperson.
'Each building has different details picked out in various self-coloured materials such as anodised aluminium for the window frames in the residential tower and Corten for the cladding to the swimming and leisure centre.'