The proposals will now be put to the Greater London Assembly (GLA) and the secretary of state, who need to give the go-ahead before Brent can formally give planning permission.
The new Willesden Green Cultural Centre, as it is currently known, is expected to open in early 2015, providing a library and cultural centre that will act as the main hub for council services and community activity in the south of the borough.
Thanks to the deal with developers Galliford Try, it would be built at no net capital cost to the council. Galliford Try subsidiary Linden Homes gets to build 92 residential units for sale on adjacent land.
Earlier proposals for the new council facility included the demolition of part of the original Victorian library on the High Road, but this proposal was withdrawn after opposition from residents. The new design retains the building and converts it back to a public resource.
Galliford Try land director Tony Blackburn said: "This is a fantastic example of the public and private sectors coming together to deliver something exceptional for the local community. We're delighted to be involved in this prestigious project and to see the progress it has made."
Brent Council will retain the freehold for the cultural centre site while developers Galliford Try will build homes at the back of the centre for market sale in return for the development.
If the GLA and secretary of state, support the proposals then the council could award planning permission as early as March 2013 and the redevelopment could start in April 2013.
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