Plans from Urban Splash include the development of a public sector hub building, complete with commercial floor space for shops and restaurants, as well as office space for council and a range of other public sector partners, which would take over the former St David's Shopping Centre site.
Made up of four floors above ground level and one floor below, hundreds of workers will be based there.
Urban Splash and Swansea Council will develop the proposed hub, with ownership retained by the council.
David Warburton, Urban Splash development director, said: "We're delighted to have secured planning approval, which clears the way for a vibrant new commercial hub in Swansea.
"Our vision is to create a space that serves both the community and the local economy, offering high-quality amenities, dynamic workspaces, and a place where people can connect and collaborate.
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"This building is set to create new job opportunities and inject fresh energy into the city centre, supporting Swansea's growth as a forward-thinking, thriving urban environment."
Construction work on the public sector hub is anticipated to start in 2025.
The public sector hub would also enable the redevelopment of the Civic Centre site on the seafront.
Cllr Rob Stewart, Swansea Council Leader, said: "The public sector hub will help generate more footfall in the city centre, which will boost our existing traders and help attract more investment in future.
"This is just one feature of an overall plan for the redevelopment of the former St David's Shopping Centre site though, so we'll continue to work with Urban Splash on other proposals for the site that will be announced as soon as they're ready for feedback.
"Our plans for this development site are part of a £1bn regeneration programme that's unfolding in Swansea to benefit our residents and businesses. This shows how committed we are to creating jobs and high-quality facilities as Swansea is transformed into one of the UK's best cities to live, work, enjoy, study and visit.
"Alongside our partners in the private sector and others, this work is bearing fruit.
"Swansea's economy is projected to be the seventh fastest growing in the UK next year, which is testament to all that's been achieved so far and our plans for the future."
Urban Splash are continuing to work on proposals for that site, which will be made available for public feedback as soon as they're finalised.
