Developer Peel Group’s planned scheme is of such a scale that planning papers will now be sent to Government which will consider whether to pass this back to Liverpool approved or call for a public inquiry.
Lindsey Ashworth, Director of Peel, said: “This is the end of the beginning of a very long journey and partnership with Liverpool.
“It’s taken five years of hard work to get to this point and words can’t describe how relieved and happy I am that we got this support today and this positive decision.”
The project is seen as complementary to Peel’s other massive docklands initiative, Wirral Waters, which has the potential to become one of the biggest regeneration schemes in Europe.
Liverpool Waters includes high-rise buildings, housing, offices, shops and up to 14,000 apartments on an area of disused land.
It will also include the 55-storey Shanghai Tower, which will be the tallest UK building outside London.
Liverpool City Council leader Joe Anderson said: “The scale of what is being proposed is breath-taking.
“It is a scheme which is unprecedented in its ambition, scope and potential to regenerate a city.”
English Heritage said the city council had “significantly downplayed the adverse impacts of the development on Liverpool’s outstanding heritage”.
Unesco inspectors had warned approval could lead to the removal of the city from its list of World Heritage sites.