Brookfield Multiplex was also today confirmed main contractor for the scheme under a contract thought to be worth around £180m.
The existing 1960’s building will be replaced by a residential, office and retail scheme, scheduled for completion in 2020.
Designed by renowned architect Rafael Vinoly, and interior designers, Millier London, the development consists of an 18-storey residential tower, with 54 apartments and a 7-storey commercial building providing a total of over 95,000 sq ft of offices.
Almacantar will also create a new build multi-screen Odeon cinema and deliver 18,000 sq ft of new retail remains a key aspect of the development.
The affordable housing element of the scheme will be delivered at a different site at 466-490 Edgware Road, where Almacantar is also developing a new mixed tenure housing and retail scheme.
Kathrin Hersel, property director, Almacantar said: “Marble Arch Place will be a stunning new landmark for London – an enviable residential and commercial address where the sophistication of Mayfair meets the calmness of Hyde Park. The scheme’s design and position makes it a prominent new addition to a flourishing West End.”