Plans contain eye-catching features such as "aerial linear walkways" and a large open square, plus a new hotel, shops, restaurants and cinema on a three-acre site next to high-profile Vauxhall newcomer the American Embassy.
It is hoped work on the proposals - designed by Allies & Morrison, the firm which helped draw up proposals for the Olympic Park - will start in 2014 and be completed by 2017.
The high level walkways will allow pedestrians to walk above Vauxhall’s grimy gyratory road system, and link the Albert Embankment with Nine Elms, home to the proposed new American Embassy, and Battersea Power Station, which is also up for redevelopment. However, building the walkway would mean the partial demolition of the £4million bus station in Vauxhall, built just six years ago.
Richard Tice, chief executive officer of developer CLS, said: This site is just over a mile from the Houses of Parliament. "We believe this will not only accelerate the redevelopment of the area around the new US Embassy but provide an innovative solution to one of the major blights of Vauxhall - the congested and difficult to navigate gyratory system."
The area is currently best known for large developments like St George Wharf, but there are also small pockets of relatively affordable period homes and hidden squares that could do with a bit of a facelift.
A one-bedroom Georgian or Victorian flat in the area would go for circa £300,000 while family houses are priced at around £700,000.
* For more information about the project see: www.vauxhallsquare.co.uk.