Boris Johnson, has approved plans to redevelop London's Fruit and Wool Exchange in Spitalfields.
The move will create more than 23,000 jobs and generate a contribution of more than £2million towards Crossrail.
The plans will see the partial demolition of one of the cities most historic buildings with the erection of a six storey building for office and retail use .
The Fruit and Stock exchange has survived he blitz and is best known as the scene of Jack the Ripper's last murder.
At a public hearing in City Hall the Mayor approved plans which retain the building's historic façade whilst delivering 36,000 square metres of office space and 3,000 square metres of retail space.
The Mayor says he believes the site and its location, in London’s East End, is vital to the prosperity of the capital and to London’s wider economy.
He used powers granted to him in 2008 to ‘take over’ the application, which had previously been refused planning permission by Tower Hamlets Council.
– The Mayor of London, Boris Johnson,
These plans will not only restore the façade to its former glory, but regenerate the Spitalfields area with thousands of new jobs, and brand new commercial opportunities. It will also make a vital contribution to the wider London economy and have a significant impact not just on Tower Hamlets but on surrounding boroughs as well. I can find no reason to refuse permission and am of the firm view that this ambitious and important redevelopment should go ahead.