The Oasis charity has chosen United House Group as its preferred partner for the redevelopment of the Oasis Centre at the junction of Westminster Bridge Road and Kennington Road.
It also sponsors the nearby Johanna Primary, Oasis Academy Waterloo.
"I am delighted to be working with United House on the redevelopment plans for the Oasis Centre, says Baptist minister Steve Chalke, founder of Oasis.
"We are working hard to meet the needs of the local community in Waterloo and to develop a sustainable programme of positive and inspirational change.
"I am confident that, together with United House, we can develop a scheme that builds on our existing work and create huge benefits for this community."
As part of the United House team, Studio Egret West has been appointed to design the development.
Oasis and United House say that they will now begin engaging with the local community and Lambeth Council to develop a scheme for the site.
Reports in the architectural trade press claim that a residential tower of more than 30 storeys could be under consideration.
The Lambeth Libraries Commission recently suggested that a new public library for Waterloo and Kennington could be provided as part of the redevelopment.
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