The project, overseen by the London Borough of Waltham Forest, won London mayor Ken Livingstone's award for planning excellence at the ceremony.
The scheme has seen the delivery of a bus station, town square and gardens as well as high street improvements, all of which are seen as catalysts to the town centre's development.
Presenting the award, Livingstone said: "The revitalisation of Walthamstow town centre has been an excellent demonstration of how good planners working together with the community can breathe life into the heart of an area.
It proves that you can provide infrastructure at the same time as improving open spaces."
The award for best build planning project went to Paddington Central by Development Securities PLC, best planning conceptual project to the Lower Lea Valley Olympic and legacy masterplans by EDAW and best private sector planning organisation to Hugh Bullock and his planning team at Gerald Eve.
Leaside Regeneration Ltd's Bow Church masterplan won best community or partnership initiative and the London Borough of Southwark's Elephant and Castle team won best public sector planning organisation.
- See Interview, page 13.