The area is currently dominated by an infamous pink shopping centre and one of the most run-down estates in London, the Heygate Estate. Both will be demolished to make way for a "traditional town centre" comprising 1m sq ft of retail and 5,000 homes.
Previous attempts to regenerate the Elephant were scuppered when the council ditched its preferred development partner, Southwark Land Regeneration (SLR), in April 2002. The council then went back to the drawing board.
The new proposals include plans for a civic space the size of Trafalgar Square on the site of a congested roundabout, a number of landmark towers and a "Borough Market-style" square next to the railway arches. The deteriorating Walworth Road will be linked to the new square and transformed into an attractive high street to rival Chelsea's King's Road.
Chris Horn, Southwark's project director for the Elephant, said the vision had progressed significantly from the draft plans the council released in December. "We were still unsure of the massing and the uses, and how the different sections would work. The idea to make the Elephant a car-free zone was simply unworkable, for instance."
The main area for new development will be the 40 acres of council-owned land now occupied by the St Modwen-owned shopping centre and the 1,200-flat Heygate Estate.Proposals to demolish the estate and rehouse the tenants were passed by the council in February.
Horn said: "This isn't a smaller scheme than the SLR one. But it is simpler. The amount of land going in has actually increased slightly, and the development capacity hasn't been."
But first the council has to find a new master-developer for the whole scheme or take the risk of a piece-meal approach.
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