A 274-room hotel and restaurant are set to be built on a former Lewisham and Southwark College campus.
Plans for the development, drawn up by Dexter Moren Associates on behalf of Frogmore, were given the green light to go ahead at a planning committee.
The 9,141m2 new build development will include a ground-floor restaurant, fronting onto a public courtyard and pocket park.
Nestled between Waterloo Station and Tate Modern, the mid-market hotel will have two separate blocks of accommodation connected via a bridge link.
A public route between the blocks – the re-instatement of the lost Marlborough Street – will lead through to a pocket park and New Marlborough Yard.
The pocket park will have seating, sculptures and plants.
The restaurant will be open to both the community and hotel guests, with an al fresco dining area spilling from the interior into the courtyard.
Mark Wood, director of Dexter Moren Associates, said: “This is a complex and sensitive site and our design has been through several iterations, each taking on board comments from council officers and local stakeholders.
“The approved scheme is a thoughtful and outward-looking development that is respectful to its context and neighbours, as well as creating a beautiful pocket park that invites locals and hotel guests alike to meander through the re-instated roadway and spend time in the restaurant and courtyard.”
The site lies between the The Cut, with its shops, restaurants and bars, and the quiet residential area of Ufford Street.
Building work will begin on site this summer 2018, and will be designed to achieve BREEAM Excellent rating.