The proposed development will be on the 24-acre former Scottish and Newcastle brewery site in the city centre. It will accommodate office, research, residential, retail and leisure facilities over 1.8m sq ft.
If full planning is given construction is due to begin in early 2012, with completion expected at the end of 2013.
1NG’s project director, Colin MacPherson, said: “Approval of the outline planning application is a major milestone towards realising the potential for this important city-centre site – and the creation of a new sustainable urban quarter in the heart of Newcastle.”
It is hoped the development will generate £255m investment over 15 to 20 years and create up to 1,900 jobs.
Development is already progressing on the site with the construction of a new business school for Newcastle University by developer Downing. Canadian company Northland Properties also aims to complete a 160-bed hotel on the site this summer.