Urban regeneration developer, First Base, has taken another important step in the transformation of Elephant & Castle after receiving planning consent for a major new 44-storey tower designed by renowned architects, Rogers Stirk Harbour & Partners.Proposals for a mixed-use residential scheme on the site of the Old London Park Hotel have been approved by Southwark Council, just a month after a separate First Base development, ‘Printworks’, was given the go ahead. The news also follows the recent selection of First Base, as part of a consortium with Lend Lease and Oakmayne, as development partners for the overall £1.5bn masterplanned regeneration of Elephant & Castle.Designed by Rogers Stirk Harbour & Partners (formerly known as the Richard Rogers Partnership), the scheme will deliver 470 new homes for London, ranging from affordable and social rent properties delivered under English Partnerships’ London-Wide Initiative, to high-end apartments, all with stunning views across the capital.The demolition of the existing Old London Park Hotel will make way for a 44-storey iconic architectural structure with a new public square, cafés and a stunning new home for Southwark Playhouse. In the heart of the Elephant the 200-seat auditorium and a dedicated education space will allow the playhouse to continue its commitment to teaching and drama in the local area.The site is currently owned by national regeneration agency English Partnerships. It is being developed by First Base as part of the London-Wide Initiative (LWI), a scheme managed by English Partnerships to deliver new, affordable homes for Key Workers across the capital. The LWI shared equity scheme makes homes more affordable for key workers on lower incomes by reducing home ownership costs as a percentage of monthly outgoings.