The redevelopment of Nine Elms will generate an estimated £1bn in funding, to be spent on new infrastructure such as primary schools, tube stations and health centres for Battersea.
Wandsworth Council leader Ravi Govindia said the regeneration scheme would make a "tremendous difference to people's lives", as he announced the development was on course to provide almost 2,000 affordable homes.
The combined developments will also bring tens of thousands of new jobs to Wandsworth, with unemployed residents in the borough matched up to suitable positions.
Mr Govindia said: “We are now on course to deliver around 2,000 affordable homes in a part of central London where property prices have spiralled beyond the reach of ordinary families.
“The council is also about to embark on a major new home building programme of its own which will create more housing options for Wandsworth households on low incomes.
“Wandsworth Council ensures local residents get first priority for every new affordable home built in the borough and we are working hard to link local people with the new jobs and training opportunities created."
The council has also secured more than £51m from Nine Elms developments, including £40m from property developer Ballymore, to build more affordable housing in the borough.
Coun Govindia said with the additional business rates generated by the Nine Elms redevelopment, the council should have an estimated £1bn to spend on "vital" new infrastructure.
He said: “The redevelopment of Nine Elms will also generate around £1billion for vital new community infrastructure in this part of Battersea like a primary school, tube stations, health centres, a new cycling network and parks.
"All this will make a tremendous difference to peoples’ lives and is being delivered without an Olympics style cash injection from the taxpayer.”
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