The 40-storey scheme will deliver a 400-bedroom hotel in addition to 279 serviced apartments and dockside leisure facilities.
Work is expected to start on site later this year.
It is claimed that economic benefits from the project include the creation of 172 full-time jobs, in addition to 300 during the construction process.
The development is also expected to contribute £34.2m each year to the local economy via additional visitor spend, and £18.3m per year to the wider supply chain.
Rockwell’s existing partnership with the London Training Centre has been expanded to deliver a skills training initiative designed to provide local people with access to qualifications and jobs in the hotel and hospitality sector.
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The site was acquired via a joint venture between Rockwell and FirethornTrust in October 2018 and the planning application was subsequently submitted in July 2019.
“I’m delighted that the London Borough of Tower Hamlets has granted permission for this exceptional development,” said Donal Mulryan, founder of Rockwell.
“Our relationships with local organisations, such as Parkour Generations and the London Training Centre, will further maximise the benefits.”
Chris Webb, founding partner of FirethornTrust, added: “The borough’s decision is an important one, in that it will facilitate the delivery of much-needed jobs and visitor accommodation, while also providing significant improvements to the public realm.
“We are excited about bringing this development forward with Rockwell to deliver a landmark waterfront scheme overlooking Canary Wharf.”