Over 230 jobs could be created thanks to the redevelopment of a disused pub and nearby buildings in Westminster Bridge Road, Waterloo.
Lambeth Council has approved plans for the demolition of The Florence Nightingale and the construction on the site of a 19-story building that will provide student accommodation, work space and leisure facilities.
Cllr Jackie Meldrum, Deputy Leader of the council, said: "This is exactly the type of mixed development we welcome in the borough that creates jobs, housing and affordable space for small start-up companies
"The redevelopment of this rundown and neglected site will benefit local residents, entrepreneurs and help boost Waterloo as a major location for higher education."
Further plans for the site which will see the demolition of an empty 1960s office block, York House and some railway arches, include a swimming pool that will be available free to local schools, extensive landscaping and improved pedestrian areas.
Cllr Meldrum said: "Lambeth Council's More Jobs campaign isn't just about supporting people looking for work, it's also about supporting plans like these that drive job creation and encourage businesses to grow the local workforce."
Source: Lambeth Council