The design watchdog said there was much to commend in the scheme, which is being worked up for award-winning client Coin Street Community Builders.
The committee particularly praised the masterplan, saying that it admired the 'three-dimensional form and the character of the scheme'.
However, the watchdog also issued a brief warning about the proposed 168m tower, which will form the background to views from St James' Park into Horseguards Road in central London.
'CABE would expect a tower to be of exceptional quality,' the design review report says. 'At this stage there was insufficient information for us to say whether the proposal meets this requirement.'
But overall, the report is positive about the project, saying that 'the proposal shows great clarity of thought, including the tower form'.
'We find much to commend in this proposal and we wish this collaboration between highly regarded architects and committed clients well,' the report added.