The scheme will be developed by Helical Bar plc in a joint venture with The Baupost Group LLC.
The plans involve the demolition of the existing buildings on the site and the creation of new buildings of up to 12 storeys in height. The scheme will provide 225 high quality flats, 230,000 square feet of office space as well as shops, restaurants and cafes. The office space will mainly be located in a new building at the junction of Edward Street and Little Britain.
The developer said in a statement that existing historical buildings on the site of "particular architectural merit" would be retained and that in some cases development would take place behind retained facades.
Helical and Baupost bought the site, which is located next to St Bartholomew's Hospital, in 2011.
The developer said it hopes to begin work on the scheme in 2014 and to complete it by 2018.
