The consortium of Kuwaiti investors behind the project stopped construction work on the luxury apartment block and hotel early last year to review funding of the project.
The green light to restart the transformation of the south block of the iconic Grosvenor House on Park Lane comes as Sisk celebrates two other major project wins in the Capital.
Last week the Irish builder landed the £500m main tunnel drive for Crossrail in partnership with Spanish construction group Dragados and secured a £48m high-rise housing deal in Canning Town.
Developer Park Lane Properties has decided to restart the luxury development after securing significant development funding from Lloyds TSB Bank.
Sisk was the original contractor engaged to undertake the building work on the prestigious project delivering 133 apartments ranging from studios to five bedroom premium sized penthouses.
It is anticipated that construction will be substantially completed by April 2011 with an expected launch in June 2011.
David Sershall, Director, Sisk said: “We believe in working closely with clients on their business objectives and we fully support Park Lane Properties’ strategy to deliver this iconic development.
“It is great news that Park Lane Properties feels that Sisk is best placed to deliver the construction works and we now look forward to the successful completion of the development.”
Mahmoud Samy, from Park Lane Properties, added: “Our commitment and resolve to deliver one of London’s most prestigious projects has remained steadfast as has our relationship with Lloyds Banking Group whose commitment to this unique development has not wavered, even through the worst of the global economic turbulence.
“Together we have worked tirelessly over the past eighteen months to ensure that the Grosvenor House Apartments is a real commercial success, adding a new dimension to the London accommodation market and setting new standards in service, quality and design.”