The site is one of dozens to be improved under a £4 billion programme to regenerate public spaces and transform roads and streets.
Last week the Mayor and Transport for London revealed 33 of London’s “biggest and nastiest” junctions and gyrators would be replaced with two-way roads, segregated cycle tracks and new traffic-free public spaces.
As well as the IMAX roundabout at Waterloo, the northern roundabout at Elephant and Castle will be redeveloped to create improved facilities, 5,000 new homes and 4,000 jobs.
Mayor Johnson, said: “Smarter design of our roads and public spaces, exemplified by our radical plans for Elephant & Castle, will play a key role in ensuring that London remains the best big city to live, work and invest.
“We’ve been hard at work putting the bold and imaginative blueprint of the Road’s Task Force into practice and we’re now seeing the fruits of that labour at key locations across the capital.”
The schemes will be delivered by TfL in partnership with London’s boroughs, developers and businesses.
Councillor Catherine West, Chair of London Councils’ Transport and Environment Committee, said: “These schemes, developed in partnership with boroughs, developers, businesses, and Transport for London through the Mayor’s Roads Task Force, should offer real benefits for local communities and road users.
“They will better address the needs of all road users, including pedestrians, cyclists and motorists, and have a positive impact on the quality of life for residents. We look forward to continuing our work with the Mayor’s Roads Task Force to ensure these major projects are a success for Londoners.”
