The developers for the proposed 21-storey skyscraper in Plymouth, UK, have received planning consent to transform the site.
Liverpool Victoria Asset Management said work on the site will begin this year and will be complete by 2012.
Designed by Barcelona-based architect David Mackay, the project is part of the city's regeneration plan.
The 21-storey block will house an arts centre and 20,000ft² of exhibition space with sea views, and the ground level will feature retail spaces, cafes and restaurants.
The plans won approval after the designs had been amended to include disabled parking spaces and a bicycle store, according to thisisplymouth.co.uk.