Berkeley Homes has secured approval from the Greater London Authority to construct two residential towers in Islington.
The City Forum development will feature a 42-storey and a 36-storey tower block on City Road in an area already designated by Islington Council as suitable for locating a cluster of tall buildings.
Mayor of London Boris Johnson assessed the scheme in December 2013, after it had been rejected by Islington Council.
The development will feature 100,000ft² of office space, 43,000ft² of retail space and 995 homes, of which 30% will be affordable.
Plans also include the relocation of a data centre, a 190-room hotel and a crèche.
Berkeley divisional managing director Justin Tibaldi said that work will start right away.
"We are delighted to have been given planning permission by the Mayor and will aim to get on-site this summer," Tibaldi said.
"We want to bring real benefits to the area and to London as a whole, not least through a major investment in high-quality, affordable housing."
The approval follows two years of public consultation and collaboration with the local authority.
Berkeley Homes has agreed to construct the affordable housing early in the process and committed to making substantial progress on the scheme within two years.
Johnson said that by 2030, London will be the first city in Europe to be home to ten million people.
"Building new homes and creating more jobs is absolutely crucial so that we can ensure this growth is sustainable," Johnson said.
Image: The City Forum development will feature 995 homes, of which 30% will be affordable. Photo: courtesy of Berkeley Group.