The Weavers Cross Regeneration Project proposal was approved by Belfast City Council at its monthly meeting.
Planning permission has been granted for a major regeneration development in Belfast city centre.
The city council’s planning committee gave the Weavers Cross Regeneration Project proposal the green light at its monthly meeting on Wednesday.
The mixed-use development located to the east and west of Durham Street and south of Grosvenor Road will comprise office space, residential apartments and a hotel.
It is also planned to provide public realm, active travel, hospitality and community uses.
The project will redevelop lands freed up by the future closure of the existing Europa Bus Station and Great Victoria Street train station.
Planning committee deputy chairman Conor Maskey said: “This is positive news for the city, with this planning proposal at Belfast’s new transport hub providing a significant opportunity for both investment and job creation.
“It will make effective use of previously developed land and provide a really important mixed-use scheme that will cater for a wide range of uses including employment, retail, community issues and housing which will support the council’s aims of increasing city centre living.”
A council statement said it is anticipated that the proposal will deliver a minimum of 400 new homes and at least 80 social and affordable housing units, which would support people in housing need.
Translink welcomed the council decision for the project, which it said would bring approximately 1.3 million square feet of mixed-use space to a strategic location in central Belfast.
It said a new Belfast Grand Central Station would be at the heart of the plans.
Translink group chief executive Chris Conway said: “Weavers Cross promises to complement the new Belfast Grand Central Station currently in construction, ensuring we see the full economic and social benefits of this major new integrated transport hub as part of a wider long-term masterplan.
“Across the world, multi-modal transport hubs like the new Belfast Grand Central Station are at the epicentre of growth and are increasingly seen as destinations for shopping, working, employment, education, living and socialising.
“As a highly sustainable mixed-use location, it has potential for regeneration, creating space for new homes and employment, with easy access to bus, rail and active travel connections across the city and beyond.”
He added: “The development of this major project will make it easier for people living and working at Weavers Cross to lead lives less dependent on the private car, driving modal shift to public and active transport and helping to achieve Northern Ireland’s climate ambitions.
“We look forward to announcing our development partners who will work with us on the delivery of Weavers Cross, to deliver on this ambition over the coming years and will continue to work with all our stakeholders including Belfast City Council, and the local communities as the scheme progresses.”