Architecture firm Studio Libeskind has been granted permission to build a large pyramid-shaped tower in the center of Jerusalem. The 105 m (344 ft)-tall tower is due to break ground within five years.

Studio Libeskind, which is led by Polish-American architect Daniel Libeskind, was given the go-ahead by Jerusalem city officials to place the unusual 26-story tower, dubbed Pyramid, in the center of the ancient city, near Mahane Yehuda Market (known as "The Shuk"). Its facade will feature patterned local stone and glass, while an arched colonnade will open up the ground floor shopping arcade to the surrounding area.

"The Pyramid mediates between ancient traditions and myths, while providing a 21st century reinterpretation of that great form," says the architect. "The design complements the context and gives the neighborhood a vibrant public space in the heart of the ancient city."

Besides the aforementioned shopping arcade, the Pyramid will also boast 200 high-end apartments, a boutique hotel, public plaza, a restaurant, and a rooftop observatory.

The Times of Israel reports that if the project does not break ground within five years on the project, planning permission may be revoked.