Almacantar has been granted planning permission by Westminster Council for a comprehensive redevelopment of Marble Arch Tower in central London.
The scheme is reported to be worth between £400M and £450M but an Almacantar spokesperson would not confirm that.
The project will see the existing 47 year old tower demolished and replaced with two new buildings comprising apartments, offices, shops and a new cinema. New public realm space will also be created as part of the project.
The two new buildings will be 17 storeys and 7 storeys. The taller, Western building will include residential apartments with shops and cinema at ground level, while the Eastern building will be dedicated to commercial office space with shops on the lower ground, ground and first floors.
In total the plans for redevelopment include 123,000 sq ft of modern flexible office space, 36,000 sq ft of new shop units and 53 private apartments.
Almacantar development director Kathrin Hersel 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.”
Almacantar has also received planning permission for a new mixed housing and shopping scheme at 466-490 Edgware Road, including a substantial affordable housing component.
The development will include 76 townhouses and apartments of which 47 will be affordable housing. The scheme will also see the reinstatement of the disused petrol filling station – marking the first new petrol station in London for over 10 years.