The first phase of the scheme includes the construction of 360 homes along the southern part of the estate, including a 16-storey tower. The masterplan, which sets out plans for 2,500 new homes to be built over the next 15 years, was granted outline planning permission last year.
“We are rapidly transforming Elephant & Castle into one of the most exciting and desirable places to live in central London," said Lend Lease project director for Elephant and Castle Pascal Mittermaier in a statement.
"The homes that we are creating here will also be some of the most sustainable and energy-efficient homes ever built in Britain. The masterplan will also create London’s largest new park for 70 years and will implement new infrastructure to support sustainable transport,” he added.
Southwark Council's cabinet member for regeneration Fiona Colley, said that the 360 new homes will include 25% affordable housing and be a mix of "attractive town houses and flats that will complete Wansey Street and complement the existing homes".
"This adds to the remarkable pace of change at Elephant as new homes are already visibly taking shape and the leisure centre enters the next phases of construction,” she said.
Construction on the first phase of the scheme is expected to start later this year.
