Plans for a 44-storey tower on the site of the London Park Hotel at Elephant & Castle are to be revived later this year, the London SE1 website has learned.
Southwark's planning committee gave the go-ahead for the 360 scheme – by developers First Base – three and a half years ago but the site on Newington Butts and Churchyard Row has remained a hole in the ground ever since.
The scheme had been intended to provide a new home for the Southwark Playhouse as well as a mix of homes for sale and rent.
The site is owned by the Homes and Communities Agency (HCA) and was originally acquired by the Government as part of an initiative to develop affordable homes for key workers in London.
"We will be seeking to appoint a new development partner to deliver the existing consented scheme," a spokeswoman for the HCA told the London SE1 website.
"We're likely to begin this process during the autumn and will work closely with Southwark Council to ensure the site meets local housing and regeneration needs."
Documents published this week by City Hall show that the London Park Hotel site is "currently identified as key site to form part of the London Private Rented Sector Initiative".
The Private Rented Sector Initiative, first announced by the HCA in 2009, is intended to create an opportunity for investors – like pension funds – to enter the private rented sector on a large scale for the first time.
If built, 360 would form the second element in a triangle of towers likely to define the Elephant & Castle regeneration. Strata SE1 was completed last summer and there is also a much-delayed plan for a tower of a similar height on the Eileen House site in Newington Causeway.