The plans have been delivered to the Council and are expected to be validated and formally submitted in a few weeks "given that there are 15 boxes to go through", a spokesperson for the Council said.
The scheme is being developed by Lend Lease, which is a development partner of Southwark Council. Plans for the scheme include 2,500 new homes, shops, restaurants, community facilities and London’s largest new park for 70 years.
“Elephant and Castle is one of Europe’s most exciting regeneration projects," said Mark Dickinson, Lend Leases' managing director. "London desperately needs new homes and Lend Lease is proud to be playing a part in helping the Capital to meet the growing demand."
Of the 2,500 new homes, it is planned that more than 600 will be affordable. Plans for the regeneration also include investment in public transport, with ambitions to create pedestrian and cycle paths to make it one of the best connected locations in London, the developer said.
"Transforming the Heygate is a hugely important cornerstone to Southwark Council's £1.5bn regeneration plans for Elephant and Castle," said Councillor Fiona Colley, cabinet member for regeneration at Southwark Council.
"We welcome the planning application, which will be considered by the council's planning committee, making further steps towards the long-awaited vision for the area that residents look forward to seeing become a reality," she said.
The proposed regeneration is expected to include up to 16,500 square metres of new retail development, which would offer a mixture of high street shops and smaller independent retailers as well as cafes and restaurants.
The developers carried out extensive community consultation, alongside Southwark Council, prior to the submission of the planning application. "The scheme proposals include one of the biggest new housing developments in London’s Zone One and will create over 5,000 jobs," the developer said.
To improve transport and access to the area, Southwark Council said it will require the developers to pay a contribution to the Northern Line station and removal of subways around the northern roundabout. A contribution will be required by all its partner developers in the local area, it added.
The principle behind the regeneration masterplan is to create a thriving and sustainable urban quarter which will contribute towards the wider regeneration of the Elephant and Castle area, the Council said. It is anticipated that the first phase of construction will begin in 2013, subject to planning permission being granted.
