Westminster Council has granted planning permission for Almacantar's redevelopment of Marble Arch Tower in central London.
The existing tower, which was constructed in 1967, will be demolished and replaced with apartments, offices, shops and a new cinema as well as new public realm space.
Kathrin Hersel, Development Director of Almacantar, said: "This development will create two timeless, beautiful buildings which will become a new landmark for the West End. Our plans will deliver world class residential, retail and office space in a prestigious setting overlooking the finest of the Royal Parks."
The plans for the development include a new multi-screen Odeon cinema, 123,000 sq ft of office space, 36,000 sq ft of shop units and 53 private apartments in two new buildings which will be 17 and 7 storeys respectively.
The taller, Western building will include residential apartments, shops and cinema at ground level, while the Eastern building will be dedicated to commercial office space and shops on lower ground, ground and first floors.
Almacantar has also received planning ermission for a new mixed housing and shopping scheme at 466-490 Edgware Road. The development will include 76 townhouses and apartments of which 47 will be affordable housing.