Plans to renovate St Geroge’s House the former home of Nestle were given the green light by the Council last night.
Croydon Council’s strategic planning committee granted permission less than seven months after the scheme was presented as a pre-application.
The town centre redevelopment will see 288 new homes created with community and retails space.
There will also be roof top gardens available for residents.
The three-stepped design will replace the single block currently in place with developers saying it will help transform the town’s skyline.
The office block span over St George's Walk will create a fresh new street scene that is open to the sky.
Some of the other key features include 126 one bedroom apartments, 115 two bedroom apartments, 25 three bedroom apartments and 22 studio apartments.
Twenty three of the proposed apartments will be affordable housing.
Councillor Jason Perry, cabinet member for planning, regeneration and transport, said the plans were imaginative and full of quality.
He said: “This exciting plan matches the council’s vision for transforming the town centre into a place to live as well as a place to work, shop and visit.
“It is a significant leap forward in the council’s strategy for regenerating the town centre, refreshing its 1960s streetscape and boosting the economic growth of the borough.”
Director at Legal and General Property, Charlie Walker said they were excited about the scheme and are committed to delivering high quality accommodation.
He said: “Last night’s decision marks an important step forward for Croydon and is a strong testament to the hard work we have put in over the past year.
“Our proposals not only complement the existing qualities of the borough, but contribute to its wider regeneration, enhancing its position as a desirable residential location.
“We believe that not only will this scheme deliver much needed high quality residential accommodation to the very centre of town, but should bring a new lease of life to the area.
“We are significantly improving the public realm, creating a more accessible and attractive civic space for residents and visitors to enjoy.”