As announced last year, Land Securities and Canada Pension Plan Investment Board (CPPIB) have a 50:50 joint venture that plans to transform Victoria, in London's West End.
The first phase is for three buildings totalling 727,000 sq ft, including 480,000 sq ft of office space, 80,000 sq ft of retail/restaurant space and 170 apartments.
The development of the 5.5 acre site directly opposite Victoria station will see the area change from being a central thoroughfare to a pedestrianized precinct.
Demolition started on the Victoria Circle site in October last year. Mace has been appointed the main contractor and construction is due to start in June 2013 with completion due in the second quarter of 2016.
Land Securities chief executive Robert Noel said: "Land Securities was the first to start large-scale development after the downturn, a strategy which is generating higher returns at this point in the cycle. Today's announcement is an extension of this strategy and a clear commitment to our on-going transformation of Victoria."
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