The Leicester Square Co-ownership Group has received approval for its plans to redevelop the south-west corner of Leicester Square in London.

The 22,604 sq ft (2,100sq m) site will include a luxury, 240-room hotel, a new two-screen Odeon cinema, four street-level restaurants and cafés, a rooftop restaurant and 33 luxury residential apartments.

The site currently houses the existing Odeon West End cinema.

Designed by architects Make, the work on the site is expected to begin during summer 2009 and the project will be incorporated into existing plans to improve Leicester Square.

A spokesperson for the Leicester Square Co-ownership Group said: “This will be a major focal point for Leicester Square – bringing new life into a neglected corner of one the London’s landmark destinations and drawing people down to the National Gallery and Trafalgar Square.

"It will be an important contribution to the wider improvements to this area and help to connect two of the capitals most popular public spaces."

Matt White, of Make, added: “It has been a fascinating design challenge to produce a building for such a high profile site.

"We have combined a highly distinctive presence on the square with an appreciation of the qualities of the surrounding area. The result is a landmark building which will redefine Leicester Square and play a key role in the ongoing regeneration of the area as an attractive and welcoming space for leisure and living.”