Construction work on the £8bn revamp of Battersea Power Station will begin by mid 2013, the new owners have said.
The Malaysian consortium which bought the 39-acre site in south-west London in July for £400m plans to build 3,500 homes, offices, shops and a park.
The 1933 grade II* listed building's chimneys will be knocked down and replaced by replicas, the company said.
The first phase of the redevelopment, designed by Raphael Vinoly, is expected to be completed by 2016.
The power station was decommissioned in 1983 and has since been vacant. It also features in English Heritage's Heritage At Risk register.
The masterplan for the site was done for the previous owners Real Estate Opportunities and the design has not been changed as it has already received planning permission for homes, office space, and for a new Tube station on the Northern Line.
In 2011 Wandsworth Council gave planning permission for the then £5bn project.
The Malaysian consortium, comprising S P Setia, Sime Darby and the Employees Provident Fund, said preparatory work at the site would begin later this year, with ground-breaking expected to begin in the second half of next year.
The first phase will see the construction of residential buildings with 800 flats, built on top a commercial complex which will include shops, restaurants, gym, pool, spa, theatre and office space.
A six-acre riverside park will also be created, which will be open to the public.
The £8bn redevelopment project will take at least 10 years to complete and generate 26,000 jobs.
Tan Sri Liew Kee Sin, chief executive of SP Setia, said: "Battersea Power Station is a wonderful building and both it and the centrally-located Nine Elms area surrounding it are in need of regeneration.
"With the sale now complete, we can move forward with our vision to build a vibrant, accessible and functional town centre for the Vauxhall, Nine Elms, Battersea area with the power station at its heart, creating up to 26,000 new jobs in the process."
Ravi Govindia, Wandsworth Council's leader, said: "The district-wide regeneration programme will be one of the greatest sources of new jobs and homes in the country over the next few years."