A major part of St James’s will be rebuilt to create nearly 340,000 sq ft of mixed-use accommodation between Regent Street and Haymarket.
The lead scheme, known as St James’s Market, will see the redevelopment of two existing building blocks in central London to create offices, retail and restaurant space behind preserved historic facades.
The St James’s Market proposals also include three associated private residential and affordable housing schemes as well as new public realm space.
These will create new homes totalling 60,000 sq ft, ranging from one bedroom apartments to four bedroom family homes.
Work should start on site by autumn next year and complete by 2016.
Alastair Smart, Crown Estate head of development, said: “St James’s Market is perhaps the most significant development we have ever undertaken and builds on the two schemes currently on site as part of our investment in St James’s and Regent Street to provide modern space for global businesses.”
The scheme takes its name from the now lost area of St James’s Market, which between the 17th and 19th centuries offered a spacious street of inns, entertainment, and a busy hay and straw market, attended by 1,300 hay and straw carts a month.
In the early 19th century when John Nash redeveloped Regent Street this historic area was lost.
Proposals for the four sites have been developed by Make Architects, Tate Hindle, Paul Davis & Partners and Burwell Deakins. CBRE has provided planning advice.