The company, a joint venture between U+I and Notting Hill Housing, will transform the Landmark Court site from an under-utilised space to a local cultural and social hub.
The area has the potential to deliver around 130,000 sq ft of new commercial, retail and workspace, while 80 new homes will also be built. With 35% of the units also being made 'affordable', the site is one of five fast-tracked for development by the Mayor.
Further proposals will seek to maximise outdoor public space, improve walking routes on Southwark Street, Redcross Way, Borough High Street and provide access to the walkway along the Low Line.
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Subject to contracts and agreements, the JV will consult with Londoners to develop a detailed design in order to seek planning permission and to start on site in 2019, aiming for completion by 2022.
Graeme Craig, Director of Commercial Development at TfL, said: "We are working with some of the best organisations across London to bring forward a portfolio of sites that will help to create the homes, jobs and work spaces London needs for the future.
"We look forward to establishing a long-term, joint venture partnership with Triangle London Developments to contribute to the Bankside neighbourhood, which has been known for centuries as a hotbed for London's creativity and independent businesses.
"The development at Landmark Court will also provide vital revenue to invest in London's transport network."
Richard Upton, Deputy Chief Executive at U+I said: "We are privileged to have been selected to regenerate Landmark Court. This is an important site for the neighbourhood and an important site for London, steeped in history and at the heart of our ever-changing city."
(LM/MH)
