Work will start on a 259 apartment scheme on a former Debenhams store site this spring.
Planning approval has been given for the £200 million, 11-storey St James Securities scheme in Derby city centre which would have commercial units on the ground floor and rental apartments above.
The Leeds-based developer company said it expects to start work on the first phase of the scheme in May. It also includes a public square on the site of the Central United Reformed Church.
Work is already underway to bring forward a second phase, which would include a new 3,500-capacity venue on the site of the Laurie House offices and the former Pink Coconut nightclub.
Future phases could include grade A offices and commercial space, a hotel and a multi-storey car park.
Demolition of the former Debenhams store was completed last year.
Paul Morris, development director at St James Securities, said: “We are delighted that planning has been granted for what will be a landmark regeneration scheme for the city.
“We and our wider team of consultants have been working on the scheme for more than three years.
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“To receive a unanimous decision from the planning committee is a vindication that our scheme is the right fit for the city and will provide the impetus to kick-start further investment.
“The Becketwell regeneration scheme is now set to move from being an aspiration to a reality.
“We look forward to working alongside Derby City Council and our other private sector partners to deliver a scheme that will revitalise a long-neglected area of the city and contribute to improving the vibrancy and attraction of the city centre overall.
“Gaining detailed approval will mean that we can now get onto site. At present, the programme is showing a start of works in May, with completion at the start of 2023.”
The city council hopes the development will act as a catalyst for improving the wider Becketwell area while delivering much needed residential accommodation.
Councillor Matthew Holmes, city council deputy leader and cabinet member for regeneration, said: “A thriving city centre is vital for Derby’s future economic prosperity and this project will be transformational - allowing hundreds of people to live in high-quality homes in the heart of the city and breathing new life into an area which has been challenged for many years.
“Of course, alongside the apartments and commercial units that feature in this first phase of the scheme, there will be even wider development, including new offices, public space, and a hotel, as well as a new performance venue, that will be developed by St James Securities and owned by Derby City Council.
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“Becketwell will truly help us achieve our aspiration to make Derby a vibrant city where people will want to live, work, shop and spend their leisure time and we look forward to seeing work begin on site to make this a reality in the coming weeks.
“We remain grateful for the support of the D2N2 Local Enterprise Partnership in helping bring this project to life.”
John Forkin, managing director of Marketing Derby, said: “This is an important piece in a bigger jigsaw, that will not only develop the Becketwell site, but also act to build confidence for further investment in Derby.”
St James Securities is currently in legal discussions with the funders and operators of the build-to-rent first phase of the scheme and will be announcing the name of this funding partner in the coming weeks, once contracts have been exchanged.