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In the process it would demolish two listed buildings and create a new five-storey building.
BBC: Co-op store plans are too big: Jersey planning department
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Work to transform the five-storey building into a 116-room hotel is due to be completed next year.
BBC: Liverpool Royal Insurance building to be turned into hotel
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In 2006, at least 15 people dead and 50 injured when a five-storey building collapsed in Dhaka.
BBC: Dhaka building collapse kills 23
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In 2006, at least 15 people died and 50 were injured when a five-storey building collapsed in Dhaka.
BBC: Bangladesh housing collapse rescue operation called off
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The five-storey building has experienced a tumultuous history since it first opened its doors as an elegant shopping arcade in 1909.
BBC: Authorities shut Berlin's iconic Tacheles arts squat
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The five-storey building, which includes a domed roof, was built in 1988 and housed a craft workshop, exhibition space and a public viewing gallery.
BBC: Swansea seafront observatory to be turned into cafe
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Housed in an elegant five-storey Art Deco building of glass and steel tucked away in a Montparnasse cul-de-sac, the foundation was conceived by Mr Cartier-Bresson and his wife and fellow-photographer, Martine Franck, to showcase his life's work.
ECONOMIST: Henri Cartier-Bresson
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By converting a five-storey "tong lau" -- an old Chinese building -- with solar panels, a turfed roof and energy efficient appliances, Khan also is keen to emphasize that his eco-friendly flat is as much about preserving the old and a sense of heritage as it is about being green.
CNN: Can Hong Kong build bigger, higher, greener?
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In other words, a five-storey pagoda contains not even one pillar that travels right up through the building to carry the structural loads from the top to the bottom.
ECONOMIST: AN ENGINEERING MYSTERY