An opportunity area planning framework published last week by the Greater London Authority aims to take advantage of Waterloo's location as a major transport interchange and its proximity to tourist attractions.
The city square is at the heart of plans to improve the public realm and transport links around the area. It would be created by reworking a roundabout and closing unattractive public subways around the IMAX cinema.
A tall buildings strategy has been put forward taking into account the London Plan and suggestions from the Commission for Architecture and the Built Environment and English Heritage. Tall buildings will be suitable above and around the station and on the commercial spine behind the riverside, it says.
Network Rail is considering the possibility of lowering the station concourse to street level to improve capacity and accessibility.
"It is vital to improve the attractiveness of the station and its surroundings, make the most of the neighbourhood and stitch its individual parts together," said London mayor Ken Livingstone.
Network Rail director of operations and customer services Robin Gisby said the framework's vision is closely connected to its strategy for the station and surrounding area.
Waterloo Opportunity Area Planning Framework is available at PlanningResource.co.uk/doc.
