Hammersmith and Fulham Council has agreed to push ahead with an £8bn plan to redevelop the area around Earls Court.
The scheme would involve 57 acres of land, including the Earls Court Exhibition Centres, Lillie Bridge London Underground Depot and the West Kensington and Gibbs Green housing estates.
The council says it will be the biggest new project in the capital since Stratford was transformed by the Olympics, and that it will inject billions of pounds worth of private investment into the area.
Thousands of new homes will be created, along with shops, offices, leisure facilities, public open spaces, a new school, and new transport links.
Hammersmith & Fulham Council Leader, Cllr Nicholas Botterill, said:
Kensington and Chelsea Council and the Mayor's office have also got to approve the plans before work can get underway.