The Warton Road scheme, a joint venture between Telford Homes and the Royal Bank of Scotland, was given consent by the London Borough of Newham.
The brownfield site is part of the council's arc of opportunity regeneration area and will overlook the proposed London 2012 Olympic park and stadium.
Plans include an 18-storey tower as well as four and eight-storey buildings that will provide retail and studio space and 249 homes, 35 per cent of which will be affordable.
The project also features an underground car park, a landscaped courtyard and a walkway to the River Lea. A riverside park, to be delivered by the council and the London Development Agency, will front the scheme.
Owen O'Carroll, a partner at Stock Woolstencroft, the architect behind the plans, said: "The development reinforces Warton Road as one of the main avenues into Chelsfield's Stratford rail lands, as well as being at the heart of the Olympic park."
A report to Newham's development control committee said that the scheme would provide a local landmark and would be a main access route to the proposed 2012 Olympic site.