The property developer founded by the former London boss of Land Securities Mike Hussey wants to demolish the current 24-storey tower on the corner of Oxford Street and Edgware Road and replace it with two new buildings.
The tallest 17-storey tower will have 52 luxury apartments with views of Hyde Park while the smaller seven-storey building will be comprised of offices. Both will have shops on the ground floor.
The scheme has been designed by Rafael Vinoly, the architect behind the City’s Walkie Talkie skyscraper and the Battersea Power Station masterplan.
Work is expected to start in 2015 and will be completed in 2018.
Almacantar is also working with Odeon to turn the cinema on the Marble Arch site into a purpose-built underground basement.
Around 54 car parking spaces would also be created as part of the 408,000 square feet scheme.
In a separate application to Westminster Council, Almacantar is proposing to develop an apartment block at 466-490 Edgware Road.
The Sir Terry Farrell-designed scheme will include 76 homes of which 47 will be affordable, meeting the council’s affordable housing requirements.
Almacantar bought Marble Arch tower for £80m in 2011 from clients of Orchard Street Investment Management. It is one of a number of schemes Hussey is developing, including Centre Point tower at Tottenham Court Road.