The partners propose to build an 7000sq metre Sainsbury's store and around 700 flats in three towers.
The 13-acre scheme, designed by architect Rolfe Judd, will also accommodate the Nine Elms station on the Northern Line extension and is one of the key projects in the regeneration area.
It is the second major housing project being worked up by the trio. Last year Barratt and L&Q bought an 8.5-acre site from SainsburyÕs for a £420m residential-led scheme in Fulham Wharf.
Barratt (West London) is tendering work packages on the 463 flats and supermarket project after demolition got underway at the site last summer.