Herzog and De Meuron’s Triangle Tower – which features a 120-room four-star hotel and panoramic restaurant – is to become Paris’ first skyscraper for more than 40 years after getting the green light from the city council.

The controversial pyramid-shaped structure was initially rejected by councillors, but the November 2014 vote was annulled by Paris mayor Anne Hidalgo. In the re-run, the project was approved after receiving 87 votes in favour and 74 votes against.

First unveiled in 2008, the 43-storey glass building will come at an estimated cost of €535m ($593m, £380m) and will be built in the 15th arrondissement, in southern Paris.

As well as the hotel and restaurant, the tower will feature an auditorium, cultural centre, sky bar, 1,600sq m (17,222sq ft) of shops and 70,000sq m (753,474sq ft) of office space.

The 180m (591ft) high Triangle Tower will be the third tallest building in Paris, after the 301m (988ft) Eiffel Tower and the 210m (689ft) Montparnasse Tower, which despite fierce opposition, was completed in 1973 and ultimately led to height restrictions being placed on new buildings being introduced in the city.

The regulations were relaxed in 2010 and the Triangle Tower could now become the first of a series of new skyscrapers in the city. Renzo Piano’s 160m (525ft) Paris Courthouse and a pair of towers from Jean Nouvel, with the tallest measuring 180m (591ft), will soon be part of Paris’ skyline.

Swiss architects Herzog and De Meuron said the Triangle Tower – or Tour Triangle as it is known locally – would be completed in 2017.