The Charter and Horm Yard scheme will consist of 242 homes built in several blocks on current car parks, next to Queen Street.
Following planning last month the developer said it now anticipated to start on site at the end of 2020.
The buildings will range from three to ten-storeys high, with 20% as discounted market rent units.
Phil Duckworth, Design Director for Reef Group, said: “We are really pleased with the planning committee decision, which reflects the engagement and hard work the team have put in.
“Delivery of this carefully designed scheme will see a significant investment being made and regenerate a key part of the town centre.”
Proposed view looking north along New Swan Yard
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