The scheme, which received the early backing of St Helier Constable Simon Crowcroft, was put forward by developers Le Masurier in April.
New shops, bars and restaurants also feature within the plans, along with a pedestrianised street linking the Millennium Town Park to the Library and new green spaces. Pavements in the area are due to be widened.
It is hoped that the scheme could create more than 100 new jobs ¬ 70 in construction and a further 35 at the Premier Inn.
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