London Mayor Boris Johnson has approved the £5.5bn redevelopment of the iconic Battersea Power Station.
Shops, office space and leisure facilities are promised, along with two new Tube stations on the Northern Line.
Plans by the Real Estate Opportunities company will mean the creation of 25,000 jobs and construction of 16,000 homes.
Wandsworth Council approved plans in November, but the Mayor's ruling gives a final go-ahead to the redevelopment.
"Battersea Power Station has long been an iconic feature of the capital's skyline, and these plans will make sure that status is retained for years to come," Mr Johnson said.
"With its future secured through this regeneration, it will once again play a part in driving London's economy."
The landmark will be restored to generate green energy in the future, but its chimneys will be demolished and rebuilt, as they are "beyond repair".
The Grade II listed building opened in 1933 and generated power until 1983.
Restoration of the main power station, including rebuilding the chimneys, will be completed by 2016.
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