Designed by architects Renzo Piano Building Workshop, the Paddington Place project will redevelop the former Royal Mail sorting office at 31 London Street, adjacent to Paddington Station.
Initially, the plans involved a 224 metre 65-storey building comprising of offices and flats.
However, new plans are now in place for a 72-floor building rising to 254 metres.
The project is being led by Sellar Property in a joint venture (JV) with Singaporean publicly listed Hotel Properties.
In the centre of the development, a crystal light-reflecting tower will be built and will become a 'major marker' for Paddington.
The ramp which acts as Paddington Station's entrance will be removed and the whole area in front of the station opened up. Room has been left to extend the station concourse into a new public piazza with the opportunity to establish a new 'front door' for the station.
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In addition, 100,000 sq ft of office space will be provided along with floorplates designed to accommodate small to medium sized high-growth industries.
This includes 50,000 sq ft of retail and leisure space at Praed Street, rail concourse and tube station levels to breathe new life into the area.
Other elements of the project include:
• Over 330 new homes.
• New and enlarged Bakerloo line ticket hall.
• An open-air publicly accessible roof garden and restaurant offering panoramic views of London spanning 13,000 sq. ft.
• Creation of 450 construction jobs per year over the four year build programme.
Chris Lim, Group Executive Director of Hotel Properties, said: "This is a unique opportunity involving an investment of over £1 billion to provide many public benefits and a scheme which we believe will drive further investment in the wider area."
Irvine Sellar, Chairman of Sellar Property, added: "This exciting transformational development will enhance this important part of central London. Paddington's transport interchange will be fit for purpose for the 21st Century and the wider mixed-use development and public space will enhance the way residents, visitors, businesses and their people live work and play, and will make a major contribution in revitalising this district."
(LM/MH)
