The Mall Walthamstow has secured planning permission for an 86,000sq ft expansion after announcing the development last year.
Developers Capital & Regional first proposed the plans in April 2017 and have now been granted planning permission to transform the North East London shopping centre.
It will house 12 new retailers and create 460 new homes situated above the shopping centre.
The planning application also featured an enhanced two-acre town square, which includes informal play facilities, gardens and landscaping, and an events space.
Work is set to commence in 2020, five years after Capital & Regional undertook a full refurbishment of the centre. It has owned the property since 1997.
“Our vision for Walthamstow has been developed hand-in-hand with the council and residents and we have tailored the mix of homes, leisure uses, services and amenities to meet the needs of the local community,” Capital & Regional chief executive Lawrence Hutchings said.
“This will be transformational for Walthamstow and underlines our position at the heart of the community, both in terms of how we are supporting the improvement of the wider public realm and amenities, including Transport for London’s plans for the underground station, but also in terms of how we are able to provide relevant goods and services for the people we serve.”