The proposed scheme includes the demolition of the existing 24-storey tower on the site and the construction of two new buildings reaching seven and 17 storeys respectively. The new buildings will comprise 52 apartments as well as 123,000 sq ft of offices and 36,000 sq ft of shops.
The existing Odeon cinema on the site will be retained and refurbished under the plans and new public spaces and walkways will be created between the buildings.
"This landmark development will be a catalyst for the on-going transformation of the West End of Oxford Street, improving the streetscape for the 15 million people who pass through Europe’s busiest shopping thoroughfare each year as well as creating a world class residential and office scheme in a prestigious Central London location," said Almacantar development director Kathrin Hersel in a statement.
Subject to obtaining planning permission, Almacantar said it expects to start construction on the development in 2015 and to complete in 2018.
