Proposals for the state-of-the-art concert hall in Wimbledon were unveiled in 2019.
Merton Council agreed an exclusivity period with the Wimbledon Concert Hall Trust to develop the venue on the council-owned Hartfield Road car park.
The proposed 1,500 seat venue will also host jazz and rock concerts and will include a roof garden and spaces for community arts initiatives.
The venue will be funded with private investment, with naming rights available to major benefactors.
Wimbledon was chosen for its transport links, global name recognition from the tennis championships, and its existing cultural scene.
Anthony Wilkinson, who chairs the project and is also the founder of the Wimbledon International Festival, said the project could help Wimbledon grow into a cultural quarter for south west London and beyond.