The overall Earl's Court plan, drawn up by architect Sir Terry Farrell for Capital & Counties Properties, will see the exhibition centre knocked down and the creation of a new urban quarter spanning the two boroughs of Kensington & Chelsea and Hammersmith & Fulham.
It is expected ultimately to provide 7,500 of new homes as well as shops, offices and community facilities.
Both boroughs have already approved the plans.
The decision has proved controversial, with many local residents and politicians arguing for the developer to be refused.
However, Mayor Boris Johnson said: "I'm in no doubt that the development will provide a massive boost not just to this part of the capital, but to London's wider economy as well."