Developer St James (part of the Berkeley Group) has revealed plans for a 28-storey residential block on the site of Eastbury House on the Albert Embankment.
The existing 11-storey office building is occupied by the Department of the Environment, Food and Rural Affairs.
Architects Rogers Stirk Harbour & Partners have designed a new building for the site at the corner of Albert Embankment and Tinworth Street.
The scheme includes 46 homes, 9,000 square feet of office space and a ground floor cafe.
The proposed building is split into three sections of 21, 28 and 14 storeys.
St James says that it intends to fund a "significant upgrade" to Albert Embankment Gardens, the riverside green space opposite the development site, as a planning obligation.
The developer expects to submit a planning application to Lambeth Council in mid-May. If permission is granted in the autumn, work could start in the middle of next year.
• An exhibition will be held at Vauxhall Christian Centre on Saturday 3 March
• Details of the scheme will be published next week at www.eastbury-house.co.uk