The city of London, UK, has approved the development plans for a 62-storey tower at 22 Bishopsgate.
While the city authority had allowed planning permission for the project last month, the City Hall gave its approval recently.
Brookfield Multiplex is expected to start £450m construction works for the new 295m high building at the end of March next year.
Planned to be an office development, the redesigned building will replace the partially constructed seven-storey development at the site, termed as the 'The Pinnacle'.
Construction of the 288m Pinnacle was abandoned in 2012 due to declining economic conditions.
Besides offering 185,000m² of office space for about 12,000 people across 100 firms, the proposed new development will also include a restaurant and bar, retail space and a viewing gallery for the public.
Construction of the new office tower is expected to be completed in 2019.
London Mayor Boris Johnson said: "After lying abandoned for four years, 22 Bishopsgate will now get off the ground, providing much needed office space for thousands of city workers and a positive addition to the world-class architecture of the capital's skyline.
"There will be more than 800,000 new jobs created in London over the next 20 years and there is no doubt that tall buildings that are sensitively managed, well designed and in the right place will continue to create the new office space the city needs to retain its place as one of the business capitals of the world."
Once developed, the tower will be the tallest in the 'Square Mile', with the Heron Tower, the Walkie Talkie (20 Fenchurch Street) and the Cheesegrater (Leadenhall Building) surrounding it.
The 22 Bishopsgate building is also expected to be the first building in the UK capital to adopt the new Delos WELL building standard.