Designed by architects Darling Associates have been approved by Exeter City Council for the £130m development.
Construction will create a new intergenerational community in the heart of the city with 400 new homes for rent and sale.
Future residents will benefit from new outdoor spaces such as public gardens, squares, footpaths, a woodland walk and fitness trail.
The approved plans also ensure the conservation and continued use of a locally listed former water tower, which will act as a local landmark.
Start on-site is due later this year. Eutopia Homes acquired the site from Network Rail in October 2018 with Chenavari Investment Managers.
Eutopia Homes also recently announced a £105m scheme in Salford, Greater Manchester that will deliver 500 homes close to MediaCityUK.
Scott Hammond, founder and CEO at Eutopia Homes, said: “Our plans will see the creation of a new urban village right in the heart of Exeter and will support the city’s long-term growth by providing much needed housing across a range of tenures and price-points.
“The whole design of the scheme was led by a commitment to sustainability and green place-making, turning a long dormant brownfield site into a thriving mixed community that serves people of all ages and incomes.
“The positive comments made by the planning committee, who praised the design ethos of a lower car dependency scheme, will help set new benchmarks for future development in Exeter.”