Southwark councillors have given a developer the green light to turn their proposed 31-storey tower - first approved as student accommodation - into luxury flats.
Southwark councillors approved plans for The Quill in 2011.
The tower, to be built on the site of Capital House at the corner of Weston Street and St Thomas Street, was to accommodate 470 students, with priority given to those studying at King's College London whose Guy's campus is adjacent.
SPPARC's design for the the 31-storey tower was said to be an allusion to Southwark's literary heritage.
Now developers Bilford have been given the green light to convert the unbuilt scheme into 119 private homes for sale.
The committee was told that the development was delayed by a legal challenge and so KCL made other plans to meet its student accommodation requirements, and no other educational institution was interested in taking it on.
The external design of the tower is unchanged from the previous student accommodation scheme.
There would be no on-site affordable housing as part of the Weston Street scheme but the developer will instead help to fund a scheme by the Family Mosaic housing association to develop affordable homes in Walworth Road.
The revised scheme was approved unanimously by Southwark's planning committe on Tuesday night.