34 projects, including youth and homelessness charities, as well as sports and music programmes, are receiving grants from Bankside 123 developers Land Securities.
Working with the Capital Community Foundation to provide grants to local community groups, the Land Securities grants cover organisations in Southwark and Westminster.
This year's fund builds on the £50,000 awarded in 2005 by Land Securities in Southwark.
"It's not sufficient to regenerate areas of the Capital through new building alone," says Mike Hussey, managing director of the London portfolio at Land Securities. "We are committed to enhancing the communities with whom we interact on a more personal level.
"The completion of Cardinal Place, SW1, at the end of last year was our first step towards the regeneration of Victoria and we are dedicating our efforts as a business in London to creating stunning new developments for the Capital around Westminster and Southwark in the years to come."
Katharine Halstead, head of grants at the Capital Community Foundation, added: "We have built a great relationship with Land Securities over the past 18 months in Southwark and are delighted that they have committed additional funding this year."
"A grant from Land Securities is so valuable to these groups, and collectively their projects will have an enormous impact in Southwark and Westminster. We hope that our relationship with the company will continue for many years to come."
Some of the projects in Southwark to be funded by the scheme:
For the latest local news and events direct to your inbox every Monday, you need our weekly email newsletter SE1 Direct.
7,000+ locals read it every week. Can you afford to miss out?
Read the latest issue before signing up