Oakmayne Properties has submitted a planning application for a 43-storey tower of 369 flats on the site of Eileen House near the Elephant & Castle.
The scheme has been designed by Southwark-based architects Allies and Morrison to replace the 1960s former Department of Health office block known as Eileen House.
Most of the residential levels will have between 10 and 12 flats per floor.
The lower floors of the tower would be office space. Documents submitted to the council witht the planning application indicate that Oakmayne has had talks with Southwark Primary Care Trust about the possibility of housing a polyclinic in the development.
The PCT is currently running a consultation on its plan to create four 'care centres' across the borough, including one at Elephant & Castle to serve north-west Southwark.
A smaller 7-storey office building would sit alongside the tower, facing Southwark Bridge Road.
The developers propose to change the current arrangements for buses which currently use the streets around Eileen House to turn around between journeys to create a pedestrianised 'University Square' where Keyworth Street meets Southwark Bridge Road.