According to Wandsworth Borough Council, the massive residential scheme on the south bank of the River Thames had come in for heavy criticism from local residents.
Drawn up in collaboration with Leeds and London-based giants Carey Jones, the proposed development included plans for five towers, ranging in height from six to 27 storeys, with 'vertical blade walls'.
The scheme would have created almost 450 residential units, as well as 19,000m 2of commercial space, leisure facilities and a new 'river centre'.
A spokesman for the council said: 'The scheme generated a lot of local concern and the architects have gone back to the drawing board.
'Most of the comments about the development focused on its height and scale.'
He added: '[The architects] are going to have a major rethink about the project and I expect it will take two or three months before they come back to us.'
It is understood the planning application was officially withdrawn last month.