Waltham Forest Council is consulting residents on plans to redevelop the 1930s town hall on Forest Road in Walthamstow, to create a community hub.
Proposals include space for retail and cafes, pedestrianising the area around the fountain and creating a new park with a centenary garden, as well as restoring a First World War memorial.
Homes would be built on the car park to the west, with at least 35% being allocated as affordable.
To the east of the town hall there would be office space built to house council staff and from other local public sector organisations. The proposals are expected to be cost-neutral and save up to £1 million of taxpayers' money each year by enabling better use of publicly-owned land and buildings in the borough under the One Public Estate initiative.
If the plan proceeds, the council would close nine older offices and move staff into the town hall site.