The Mayor of London, Boris Johnson, has approved plans for the redevelopment of the London Fruit and Wool Exchange.
The move will create thousands of new jobs.
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 plans are also expected to create more than 2,300 jobs and generate a contribution of more than £2million towards Crossrail.
The plans will see the partial demolition of the London Fruit and Wool Exchange, with the erection of a six storey building for office and retail use .
Boris Johnson will have the final say on whether one of London's most historic streets faces demolition. Developers want to build a new office block on the site of the Fruit and Wool Exchange and Dorset Street in Spitalfields, best known as the scene of Jack the Ripper's last murder.
Environmental campaigners - and building companies - are waiting to hear what impact new planning rules will have on London.
The government is due to announce a new planning framework later today.
Any changes to the existing regulations are likely to prove controversial, as environmental campaigners seek to protect London's green spaces, while home-builders want to address the capital's housing shortage.