The lead scheme, St James's Market between Haymarket and Regent Street, is a commercial redevelopment of two blocks (14-20 Regent Street and 52-56 Haymarket ) designed by Make Architects.
The Haymarket block would be replaced, whilst the Regent Street block would be redeveloped behind both retained and new façades. The scheme would create 200,000 square feet of office and 45,000 square feet of retail, restaurant and leisure accommodation.
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. In the early 19th century when John Nash redeveloped Regent Street this historic area was lost.
Crown Estate head of development Alastair Smart said: "The regeneration of St James's Market is an opportunity to revive a neglected location at the heart of London, bringing it back into line with historic St James's for the benefit of 21st century businesses, local residents and visitors alike. Our long term vision for the area will protect St James's distinct niche in the West End office market, enhance its position as a stimulating and eclectic shopping and dining destination, create new homes, improve the public realm and above all, protect St James's celebrated heritage."
A formal planning application is expected to be submitted to Westminster City Council in the summer.
Proposals for the three sites have been developed by Make Architects, Tate Hindle, and Paul Davis & Partners. CBRE has provided planning advice.
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