Developer Harworth Group has obtained outline consent to transform the 450-acre former Thoresby Colliery site, next to Sherwood Forrest.
It plans to build up to 800 new homes and 250,000 sq. ft of employment space.
The first phase of residential land, for 150 homes, will now be ready for sale to house builders as serviced plots towards the end of 2018.
It will take around 10 years to fully develop and the site, which Harworth acquired back in October 2015, following the closure of the colliery.
Harworth has spent the last two years undertaking site safety and security works, including demolishing redundant industrial structures, whilst masterplanning the site for future uses.
The current masterplan provides for new housing, a retirement village, a primary school, a 25-acre business park, leisure facilities, and a 300-acre country park.
This is the second significant planning consent for Harworth in a month.
It also achieved consent for a major new commercial development at the site of the former Alcan Rio Tinto Smelter in Northumberland this month.
This 175 acre site will provide up to 1.3m sq. ft of manufacturing, distribution and local start-up space.
Owen Michaelson, Chief Executive of Harworth, said: “The securing of these two major planning consents underlines the success of our management-led milestone delivery business model and further underpins our confidence in achieving year end results in line with expectations.”