The controversial 32-storey tower planned next to Tate Modern would "improve the public realm both for visitors to the area and for local residents" claim the developers.
The planning application for the proposed £55m building, taller that the Tate's landmark chimney, is now with Southwark Council.
"The new Hopton Street building will provide a significant architectural statement which underlines London's position as a leading world city" says Peter Harris of the developers London Town.
However, the newly formed Bankside Residents Against Tate Tower (BRATT), who were surprised to find the plans lodged during the August holiday period, has called a meeting to oppose the application. Spokesperson Theresa Towle says that the tower would "ruin the whole amphitheatre effect of the present buildings around the Tate entrance".
Commenting on its acquisition of the site in Holland Street, London Town Chief Executive Jonathan Buchanan said: "I am delighted that we have secured this prime site."
• The meeting for those interested in developments in the area, including the Tate Tower site, will be held at 7pm on Tuesday 4 September in Tate Modern.
• The future of Southwark Street's giant St Christopher House will be discussed at the Hotel Mercure opposite on Tuesday 11 September from 6-8pm. Architects and developers will be present to receive feedback from residents prior to a public exhibition next month.