Mayor of London Boris Johnson has invited developers to come forward to take over a stalled development scheme at Elephant & Castle.
Five months ago the London Park Hotel site at Newington Butts passed into the hands of the Greater London Authority when it took over the London land-holdings of the Homes and Communities Agency.
Originally a joint venture between English Partnerships and First Base, the 44-storey tower designed by Rogers Stirk Harbour & Partners was approved five years ago but due to the economic slump the publicly-owned land has lain dormant ever since.
The Mayor is calling for expressions of interest from potential developers of the 0.49 hectare site.
The consented scheme includes 470 homes and a new theatre which had been intended for use by Southwark Playhouse.
"This project will play a key role in our plans to release public land to boost construction, create jobs and provide homes for working Londoners," said the Mayor, Boris Johnson.
"It will be central to helping Elephant & Castle realise its enormous potential for growth and regeneration and so I'm delighted to ask developers to step forward and make it happen.
"We're looking for a developer with the know-how, financial clout and the ambition that this fantastic project deserves and that will help to make this historic part of London an even better place to live, work and visit."
Cllr Peter John, leader of Southwark Council, added: "I am delighted that this scheme is now progressing as it is a key part of the jigsaw which makes up the council's vision for the Elephant & Castle which will include new homes – both affordable and private – better transport infrastructure, commercial space, job opportunities and public facilities to include a new leisure centre, parks and theatres.
"Momentum and confidence has returned to the project with great progress being made over the last few years and I look forward to proposals coming forward and for construction to start."
Developers have until 22 October to submit their expressions of interest to City Hall.