Southwark Council's ratification committee last night agreed plans for the £1.5 billion regeneration of the Elephant and Castle.
The agreement between Southwark Council and Southwark Land Regeneration "demonstrates commitment by both parties and gives each of them the confidence to commit the considerable resources needed for the next phase of the scheme", according to Southwark Council.
A planning application is likely to be submitted in spring 2002.
Nicholas Taylor, director of SLR, said: "We are looking forward to working with the council and the community to deliver the next stage of this major project with an early priority on housing and the masterplan."
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