The decision could prove another tall building coup for Laing O’Rourke, which is part of developer Menta’s preferred supply team.
Last month Laing O’Rourke landed its first big London tower project with a contract to build British Land’s Cheesegrater tower in the city.
The proposed 55-storey building in Cherry Orchard Road gained local council planning permission but still needed approval for the London Mayor because of the scale of the £250m project.
The London Mayor has given his support to the ambitious project and decided not to call in the project meaning building can begin.
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.
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.
Scheme designer Cara Bamford of Make said: “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.”