The ambitious proposals drawn up by Sir Terry Farrell will see the famous Earls Court Exhibition Centre demolished along with two housing estates.
This will pave the way for developer Capital & Counties to build 7,500 new homes across four new residential districts in West London.
Proposals also include include offices, leisure, hotel and retail space, as well as a new primary school, library, an integrated health centre and 5-acre public park.
The 10million sq ft plan is so large that it stretches across two London boroughs, which have already given outline approval despite some opposition from residents in the area.
London mayor Boris Johnson said: “I’m in no doubt that the development will provide a massive boost not just to this part of the capital, but to London’s wider economy as well.”