Derry City and Strabane District Council has granted formal outline planning permission for the project, which will bring a collection of two to five bedroom homes to the area.
After signing the legal agreement, Mayor of Derry City and Strabane District, Councillor Michaela Boyle said: "This will be a transformational project for the Waterside area, helping to relieve housing stress in the City and provide modern, high quality homes for local people.
"I am excited to see the plans now moving forwards, and I'm encouraged by the developers' ambitious proposals to address issues such as traffic management and transport links in the area. Having now signed the agreement, we can now move to the next stage in the actual delivery of this major project."
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The significant H30 site spans 37.5 hectares and is located to the east of the Foyle Bridge between Clooney Road and Rossdowney Road. The plans represent an investment of £100m by development company South Bank Square Ltd.
Speaking afterwards owner of South Bank Square, Seamus Gillan commented: "We are very pleased to have received outline planning approval for this significant site. This development will bring an enormous investment to the area, which will produce a significant economic benefit for the whole community. In addition to the headline figure of our £100m investment, we expect that up to 1,000 construction jobs will be created during the construction period over the next 10 years.
"We would like to thank everyone at Derry City and Strabane District Council who worked on and supported this proposal, as well as the elected representatives for the area, and members of the Planning Committee who have decided to approve our plans for the development. By delivering over 750 new homes to the area we will be making a vital contribution to increasing the amount of available housing in the area.
"This approval will not only deliver new homes and a great place to live but will help deliver considerable improvements to the road infrastructure in the area including at the Caw Roundabout."
A detailed planning application will follow this outline permission, with work scheduled to begin on site in the first quarter of 2020.
(CM/MH)
