Developer Peel Holdings said work could now start on site by 2012 creating tens of thousands of construction jobs during a 30-year building programme.
The UK’s largest urban regeneration programme proposes to regenerate the derelict docks in Birkenhead.
The scheme has been undergoing public consultation for four years.
Lindsey Ashworth, Peel Director, said: “We are absolutely delighted that Wirral Planning Committee has reached this positive decision, it is what the public wanted and what the area is crying out for. This is an historical day for the future of Wirral and the entire City Region”.
Richard Mawdsley, Development Manager at Peel said “Tonight’s endorsement by Wirral Council is a huge milestone for Wirral Waters. We are delighted with the result.
“The positive and unanimous outcome is a testament to true collaboration between a very large number of groups, organisations and individuals.
“The Committee’s decision is a massive step-forward towards the delivery of what is a truly shared Vision – and one that can only improve the economic prospects of current and future generations.”