The plans submitted to Westminster Council promises the first new West End theatre in over a decade and a new remodeled pedestrian area around the mixed-use development.
In total, £1bn is being spent to build the new Crossrail station and upgrade the capacity of the Tube station.
The private sector-funded over-site developments in four distinct blocks will be built once work to construct Tottenham Court Road station is complete in 2017.
This will make a significant contribution towards the Crossrail funding package.
A new theatre to replace the former Astoria Theatre is proposed. Derwent London has entered into an agreement with Nimax who will operate a new 350 seat theatre.
London Underground and Crossrail have also proposed detailed plans to renew and upgrade the public spaces around the eastern ticket hall and St Giles area.
A new open pedestrian space linking Soho Square and Charing Cross Road will create new views of the Square and of St. Patrick’s Church.
Ian Lindsay, Crossrail Land and Property Director said: “These development plans will enhance Oxford Street and Charing Cross Road as a thriving cultural and retail destination. The quality of the new commercial space created will help attract major retailers to the eastern end of Oxford Street and boost the wider regeneration of the area.
“Crossrail will be submitting further above ground development planning applications for other station sites in central London over the coming months including at Bond Street and Farringdon.
“This will help us to make the most of the development and regeneration opportunities Crossrail is bringing to London.”