The showpiece of the 120,000m 2development, which has just been submitted for planning, will be a 40-storey, 165-tall office tower ( centre).
Backed by developing giant Great Portland Estates (GPE), there are also plans for two seven-storey buildings on the site, which stretches between Bishopsgate, Camomile Street, St Mary Axe and St Helen's Place.
As well as creating 73,000m 2of office space, the development will include a replacement for the Leatherseller's Company Livery Hall, a public library, shops and a new plaza.
The scheme is in the heart of the City's emerging tall buildings cluster and will sit to the south of the long-awaited 202m-high Heron Tower ( right).
The new Allies and Morrison skyscraper will have double-decker lifts that will take people up to the sky lobby on the 15th and 16th floors, where they can transfer to lifts serving the rest of the tower.
According to a design statement, the skyscraper 'adopts the parallelogram geometry of the site' becoming rectilinear in shape towards the top, 'creating the impression of a twist in the form'.
Partner Graham Morrison, said: 'Working closely with the City planners and a responsive client has been a rewarding process.
'In the design of a new tower forming part of the City cluster, it has been possible to reconcile the potentially contradictory disciplines of rational floor plates and strong site geometry. The three buildings, which form the development, are separated by a significant new public space, creating a larger and more active public realm.'
Work is not expected to start on site until the current leases expire in 2011.