P&O Developments last week unveiled plans to build a 33 storey "sail-shaped" building in York Road and restore the Victory Arch entrance to Waterloo Station.
Computer-generated image of the proposed new building, as shown on ITV1's London Today programme
The plan also entails the restoration of the Portland stone arch that commemorates London railway workers who died in both world wars, and a reorganisation of the traffic scheme and pedestrian access to the station.
York Road will be rerouted nearer to the station to create an extra entrance and a pedestrianised mall.
A P&O spokesman told the Evening Standard: "Elizabeth House is a very large and relentless building that completely hides the station and sits in an island of roads."
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