Local people are invited to have their say on the proposals at one of three consultation events.
The Lower Marsh Regeneration Project aims to create a radically improved public space in the heart of Waterloo while reconnecting Lower Marsh with the surrounding area. There will also be improvements to railway viaducts on Westminster Bridge Road.
Approximately £3 million of funding is available for the scheme area. This money is protected and comes from developer contributions.
In February 2009 local people were asked to help determine the broad aims of the regeneration scheme.
A further period of consultation took place in March this year, where residents and businesses were asked to comment on different design concepts for the area from four separate design teams.
Atkins suggested a range of improvements for the area, including rejuvenating junctions with The Cut and Westminster Bridge Road, removing street clutter and possibilities for creating "pocket parks" and enhancing the streetscapes.
"I'm really excited that we are moving forward with such an important scheme and delighted Atkins are on board, says Cllr Nigel Haselden, deputy cabinet member for sustainability and transport.
"This is a tremendous opportunity to make Lower Marsh the top-quality environment that its residents, businesses and visitors deserve.
"Once the scheme is complete, this key neighbourhood will feature less cluttered footways, improved lighting, new green spaces and a thriving market.
"The council has been engaged in a range of regeneration schemes over the last few years and the improvements to Lower Marsh will complement other transformational designs across the borough, including those in The Cut, Windrush Square and Herne Hill."
Related website: www.lambeth.gov.uk/lowermarsh