The decision paves the way for construction partner Vinci to press ahead with extensive demolition works at the site bordered by Jameson Street, Bond Street and Albion Street.
Revised plans designed by Faulkner Browns Architects include 226 new homes, office and retail space, an urban park and a multi-storey car park.
A previous high-rise apartment block and ice rink have been shelved in an effort to reduce costs in the face of cost inflation.
Construction is now expected to start in Autumn 2023 with the transformative project set to be completed in 2026.
It has been supported by £832,000 from Homes England and £7m Levelling Up Funding, along with £2.5m from the Government’s Local Growth Fund.
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