The plans include the redevelopment of the existing office building on the site to provide a 95-bedroom hotel, shops and 16 new flats, of which 4 will be delivered as affordable.
PMB holdings said in a statement that the shops and offices in the existing building, which was built in the early 1960s were in a "poor condition" and needed updating.
The developer signed a joint venture agreement with the Council in 2012 to gain planning permission and redevelop the site.
Construction on the scheme is expected to start next year and to be completed in 2017.
