The project will involve the construction of eight buildings ranging from five to 24 storeys, creating 788 new homes in Lewisham town centre, as well as a new swimming pool and nearly 2,000 square metres of commercial floorspace. Loampit Vale is the smaller and less controversial sibling of the Lewisham Gateway project.
Piling rigs are on site and advertising hoardings for the new homes have appeared by the roadside.
A spokesperson for the project confirmed:
"The necessary finance and planning agreements are in place and work has begun. The first phase to be completed will be the leisure centre, with the goal of opening in 2013. The following phases are currently expected to be completed in 2014 - 15."
The project's future was secured with the help of £20.5m from central government.
UPDATE: For those wondering what the multi-coloured panels are, they are illuminated glass, backed by a smart LED lighting system.