Menta’s £250m scheme, called Cherry Orchard Road, was described by one councillor as a “once in a lifetime opportunity” and is designed by architects Make.
The plan consist of two residential buildings, including a 55-storey tower, providing nearly 500 homes, including shared ownership and family housing.
There will also be a 165-bed hotel, 6,600 sq m of offices and new community centre and shops.
Menta’s first application for the Cherry Orchard Road site, which included plans for a string of four towers, with the tallest standing at 45 storeys, was withdrawn in 2009 after the London Borough of Croydon’s planning committee recommended refusal in part due to adverse visual impact.
The new development will be spread across three separate sites next to East Croydon railway station.
It has been designed to integrate with a new station entrance funded by Network Rail and the borough at an estimated investment of £20m and due for completion in 2014.
The planning officer’s report which recommended approval, said: “The principle of a tall building is acceptable as existing policy and physical context establish an acceptable precedent.”
Menta’s Craig Marks said: “We believe this consent paves the way for Croydon to reverse the decline in the quality of the environment around its main arrival portal of East Croydon Station.
“The landmark residential tower, in particular, will become an internationally recognised landmark building.”
Cara Bamford of Make, the scheme’s designer, said: “The tower will be an elegant landmark building offering a lifestyle as totally removed from outdated concepts of high rise living as possible.
“The building will host a genuine ‘vertical community’ with shared amenity spaces at all levels including roof gardens, games room, craft room and business centre, and rooms available for private hire for family celebrations and other events.”