Southwark Council has granted planning permission for the 50,000m 2mixed-use development and market square in the south London borough.
The development, located between the existing dilapidated Elephant and Castle shopping centre and the Heygate Estate, will include 219 apartments and a hotel over a cinema, restaurants and retail space. PKS has designed three buildings between 12 and 21 storeys.
A spokesperson for the architect said: 'A raised inner courtyard steps down in a series of terraces accommodating bars, restaurants and cafés, which face onto a new public square, providing a market by day and a social hub by night.'
Developer Oakmayne Properties said the scheme will complete in 2009.