Southwark borough council is looking to join forces with transport agency Transport for London (TfL) on a major regeneration project at Elephant and Castle.
The area forms a main thoroughfare across south London but the council is hoping to re-route traffic so that it can move forward with its plans for regenerating the area.
If it is successful in getting support from TfL for the £240 million transport project, Southwark will be able to go ahead with its plans to redevelop the area, creating new homes and offices in the London borough.
"We have offered to go into a joint venture with TfL. That way we can both be sure of the value of the upgrade and we can share the proceedings over time," Southwark council strategic director of major projects Stephen McDonald said, reports Construction News.
The council is planning to invest £1.5 billion in the regeneration of the Elephant and Castle area, resulting in new opportunities to develop commercial property in London.
Several London boroughs are beginning major regeneration programmes. Hammersmith and Fulham has recently installed a new head of its regeneration programme, while the east of London has seen massive opportunities for the construction of new commercial property in London with the Olympics project.