The new plans include a large family park featuring 300 trees, a children’s playground, and over a thousand new homes, including accommodations for key workers and students.
Additionally, the proposals outline the establishment of a new live music venue and the creation of thousands of new jobs.
The developer, Landsec-U+I, says that its plans will boost Lewisham’s economy by £160 million.
Historic buildings like the old Woolworth store will be preserved along the high street, while buildings such as Lewisham House will be extended into new homes.
Landsec-U+I, which has owned the shopping centre for over twenty years, has proposed a £1.3 billion project to pedestrianise the area and add greenery with a meadow larger than a football pitch.
The council aims for 50 per cent of new developments to consist of affordable homes.
However, these new plans propose the construction of 1,719 homes along Molesworth Street, with only 20 per cent designated as affordable housing.
The developers also intend to create “specialist homes” for students and individuals looking for alternatives to shared housing.
The space will house 660 students and 445 co-living residences.
Landsec is one of the largest commercial property developers in the UK and owns the Bluewater Centre in Kent.
It recently merged with U+I, the developer behind the Deptford Market Yard and the Morden Wharf scheme in Greenwich.
Landsec-U+I first announced plans to demolish the Lewisham Shopping Centre in 2021.
The latest proposal follows the submission of plans last month to tear down the closed Argos store to create a street food area at the site of the old Model Market.
It claims this space will feature a variety of dining options from local independent vendors. In the most recent plans submitted by Landsec-U+I, the Model Market area will be transformed into a new music venue.
If Landsec-U+I receives permission to knock down the shopping centre, it plans to begin by tearing down the northern section, where the Boots store is currently situated.
This area will be replaced with two new blocks featuring 119 homes.
Landsec-U+I plans to deliver the development in phases, allowing the shopping centre to remain open for the local community.
These development plans are the latest in a long scheme of plans hoping to revamp Lewisham.
As the Lewisham Gateway development ends Lewisham council is currently updating the high street, including adding a roof to the market and refurbishing the Lewisham library.
Jon Watson, the development Director for LandsecU+I, said: “This is a once in a generation opportunity to improve the lives of millions of people who live in and around Lewisham town centre and across the wider borough.
“Right from the start of our journey to rethink the centre we heard loud and clear from thousands of locals what mattered most to them: Better housing for everyone; More green spaces; Music and culture; More places to eat and hang out; A better mix of shops with more choice; A place where everyone can feel welcome and safe. The final designs reflect all of this and more.”
Councillors are expected to decide on these plans at Lewisham Council Planning Committee next year.
LandsecU+I is asking for public feedback at morethanaplace.com.
Lewisham Council does not comment on live planning applications.