A historic site near Bristol Temple Meads is set to be restored and transformed to create hundreds of new homes alongside office space.
The city's old Soapworks factory, which dates back to the 1860s, is set to be restored with two new buildings created alongside it.
Real estate investment manager Barings has permission to build 154,000 square feet of office space at the city centre side alongside 243 'build-to-rent' apartments.
Of the new homes, the firm says 20% will be for affordable tenures.
The development will also include retail, hospitality and leisure space.
The initial design for the Soapworks attracted a barrage of objections but a revised planning statement said the Covid pandemic "prompted a review of the development proposals".
Barings has said the proposed development will create 513 new jobs in the city and deliver "up to £200million of social value".
Managing director and head of UK real estate transactions at Barings Darren Hutchinson said the "landmark" site will be an "iconic" place to live and work.
He added: "We're working to retain as much of the original buildings as possible, and thus the embodied carbon, so that we can create a first-class destination with as little environmental impact as possible.
"Due to the quality of this space, it will not only be a landmark within Bristol but be an example of excellent place-making across the UK."