The 57-storey building will comprise 486 apartments, ranging from studios to large three bedroom family units.
It will be situated at a waterfront location of the edge of South Dock, directly to the east of the existing Canary Wharf estate.
Planning permission was granted by Tower Hamlets Council.
Designed by architects Herzog & de Meuron, the cylindrical residential tower will form a key part of the new residential facilities at Canary Wharf.
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The wider development site will be transformed into a 4.9m sq ft mixed use, waterside community providing over 3,200 new homes, nearly 2 million sq ft of commercial office space and a further 335,000 sq ft of shops, restaurants, school and landscaped parks along with walkways.
Sir George Lacobescu, CEO of Canary Wharf Group, said: "We are delighted to have received approval from Tower Hamlets Council to proceed with the latest building in Canary Wharf Group’s extensive pipeline and exciting residential offering."
The permission comes just days after the launch of Canary Wharf Group’s first ever homes, at 10 Park Drive, adjacent to the Herzog & de Meuron tower.
The building, designed by Stanton Williams, is a mid-rise 13-storey building adjoining a 42-storey tower, together containing 74 studios, 115 one-bedroom apartments, 141 two-bedroom apartments and 15 three-bedroom apartments.
(LM)
