The City of London Corporation’s Planning and Transportation Committee gave approval to plans for a new £337m home for the Museum of London in West Smithfield.
The planning approval has come after four years of work by the design team.
The scheme has been designed by Stanton Williams and Asif Khan, who worked with specialist conservation architect Julian Harrap.
The project, which is to be developed at the dilapidated market buildings site, was first announced in 2015.
This new home for the Museum of London is considered to be one of the largest cultural projects being developed in Europe.
Stanton Williams principal director Paul Williams said: “This is a pivotal milestone not just for an ambitious architectural scheme for London, but also a testament to the vital importance that culture and education play for the evolution and resilience of our global city.
“Because London’s story is a story of renewal, reinvention and cultural diversity, a story that will be actively told by the Museum of London from its new home at West Smithfield for generations to come.
Once completed, the new museum will engage with its surroundings and communities and bring vibrancy to a historic, yet deteriorating part of the city.
“The Market Buildings, once a place for trading goods will become places for trading ideas; a democratic and inclusive arena for public life, performance, installation and debate, capturing the many voices of 21st-century London.”
For the scheme, the City of London Corporation is contributing almost £200m out of the £337m required. Approximately £70m is being contributed by the Mayor of London and a further £43m is required to be raised for the delivery of the project by 2024.