Wandsworth Council has approved the £5.5bn ($8.8bn) redevelopment of Battersea Power Station in London, England, part of the Nine Elms regeneration plan.
Irish property company Real Estate Opportunities will deliver the project and is looking for a consortium to take a 50% stake in the project.
US-based architect Rafael Viñoly will design the scheme, which involves 3,400 homes, shops, restaurants, a hotel, cinema and offices in the 161,874m² area.
The former power station's four white chimneys will be demolished and rebuilt, according to The Guardian.
Repair work on the power station will begin in 2012 and will be complete in 2016, while the overall project is set to be complete in 2026.
The scheme will now be submitted to the mayor of London and the secretary of state for communities and local government for the final go-ahead in February next year.