Delancey has revealed early details of its proposed residential-led development of the 185 Park Street site, just yards from Tate Modern at Bankside.
The existing buildings are up to seven storeys in height.
Early details of the developers' intentions for the site have been revealed in documents lodged with Southwark Council in advance of a full planning application.
The mixed-use residential-led scheme – designed by Squire and Partners – includes three main buildings of 10, 14 and 23 storeys, as well as underground car parking.
The same architects have designed a number of other prominent schemes in SE1, including One Tower Bridge, One The Elephant and the Shell Centre redevelopment.
Seven years ago a planning inspector blocked a plan for a 24-storey tower on the same site designed by Eric Parry Architects.
"I see no compelling justification in urban design terms for such a prominent landmark building in this location," wrote inspector Colin Ball in his 2007 decision letter.
He also warned that the tower would "compete visually with the Tate Modern chimney, unbalancing the established townscape composition".
Since Ball's decision in 2007 there have been a number of changes to the local context, including the construction of a high-rise extension to Tate Modern. The tallest of the nearby Neo Bankside towers is also 24 storeys in height.