The site is owned by the Greater London Authority (GLA) and Mace is its development partners. The 44-storey tower block is said to be one of the largest long-term rental developments in the capital.
The £200m project was initially to be funded by Essential Living but it withdrew. Canadian company Realstar has now stepped in instead. There will be 278 homes for private rent and 179 low cost homes for rent and shared ownership. Social landlord Peabody is also part of the project team.
Completion is scheduled for 2018.
The Newington Butts site is among 670 hectares of surplus public land taken on by the mayor of London in 2012, more than 85% of which has now been moved into the development pipeline.
In September the mayor announced that two further GLA-owned sites – Silvertown Way in Canning Town and Pontoon Dock in Newham – are now being brought forward for institutionally-backed private rented sector homes.