Communities secretary Michael Gove granted a CPO last year, enabling Southwark Council to help the developers of the Elephant & Castle Shopping Centre site deliver their full scheme.
Southwark Council's cabinet approved last October proposals to draw up a new compulsory purchase order relating to some of the railway arches below Elephant & Castle Station as well as property rights linked to the current London College of Communication site.
The main change is that unlike earlier proposals, the Corsica Studios nightclub on Elephant Road will be able to stay in the same arches it currently occupies.
The CPO will allow the developer to acquire rights from the Arch Company and Network Rail which will allow a new sound mitigation lobby to be constructed on the western side of Corsica Studios.
Under the latest proposals two other arches on Elephant Road will be acquired to allow a new pedestrian route to be created between the former shopping centre site to the west of the railway and Elephant Park to the east.
The current tenants of those arches - Distriandina and Beset - would be able to relocate to two other arches further north on Elephant Road.
"Using a compulsory purchase order is something that we do as a last resort, to make things happen in the borough where it's important to do so," Southwark Council leader Cllr Kieron Williams said at last October's cabinet meeting.
"It's really welcome that work has happened with Corsica to find a solution that helps them stay where they are.
"So I'd like to say thank you to all involved including Corsica themselves for working with us to find that solution.
"[It's] really positive news that that's allowed us to solve some other issues for other small businesses in the neighbouring arches.
"We will continue always to try and find those pragmatic solutions in these cases."