Lambeth Council describes Waterloo Works as a 'community enterprise and skills hub' for the creative digital industry (CDI).
"Waterloo Works will unlock a valuable public land asset within highly accessible location and bring organisations together in partnership to address the economic and equality challenges faced by local residents and SMEs in this central London location," said the council.
This week Mayor of London Sadiq Khan gave the scheme a boost with a £90,000 grant from the Good Growth Fund.
Mr Khan said: "I am using this funding to challenge preconceptions about how regeneration takes place. I want to give all Londoners – regardless of background – the opportunity to be actively involved in their city and have more places to live, learn, work and play.
"The projects I announced funding for today will help us to tackle inequality, strengthen civil society, and ensure the benefits of regeneration are felt by all."
• An earlier version of this story conflated the Waterloo Works project with the redevelopment of the former library in Lower Marsh. We apologise for the error and are happy to put the record straight. The article was rewritten on 13 March.
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