Proposals by developer Carillion involve transforming the historic Tower Works site into a mix of new homes, offices, shops and restaurants.
Features include ten new buildings as well as 160 residential units, with over 11,800 sq m of new office space.
The created buildings will feature space for shops, restaurants, cafes, and licensed premises, while the development will see improvements made to the nearby canal towpath.
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A number of listed buildings at the site are being preserved as part of the scheme, including the Engine House on Globe Road, and the three ornate Italian Towers towers.
Councillor James McKenna, chair of the city plans panel, said: "We are pleased to see plans to regenerate this historic part of Leeds moving forward.
"The redevelopment of the Tower Works site will create a dynamic new hub for businesses, residents, visitors and shoppers which will be a cornerstone in the regeneration of the whole area.
"Above all it is important to us to see this site protected and preserved as well as securing its future and maximising its enormous potential."
Work on the project is scheduled to begin in spring this year.
(LM/MH)
