The Southbank Centre says that the development will create "a world-class cultural centre for the 21st century" and address current problems with access and back-stage facilities.
Valerie Shawcross AM, London Assembly Member, Lambeth & Southwark, said:
“Southbank Centre’s proposals will transform a sad and unwelcoming part of the site into the centre piece of the cultural quarter which will offer the residents of Lambeth and Southwark many more opportunities to enjoy the arts”.
Peter Clegg of Architects Feilden Clegg Bradley Studios, said:
“We are delighted to have the opportunity to work with the Southbank Centre team to realise their vision of the Festival site at the heart of the city. It is a real honour to be working on one of the most significant, radical and challenging works of architecture from the 1960s.”
More top news
An 11-year-old girl was sexually assaulted in broad daylight attack in a cemetery, police said.
The Mayor of London is one of several familiar faces popping up when the show returns to screens for its fifth series in November.
Here is a timeline of some of the key events in the debate over expansion of airport capacity.