Sir Robert McAlpine will build the £9m Canal Turn first phase which will kick-start the £650m project.
The approved phase on the 40-acre site will include a three-storey 2,000 sqm pavilion on the waterfront, featuring two restaurants and events space with panoramic views and a large rooftop terrace.
Christopher Ware, property director of Conygar, the developer behind the scheme, said: “We are delighted that planning for Canal Turn has been granted.
“We’ve worked closely with Nottingham City Council to progress the application and ensure that we can get started promptly on what is a landmark site not just for the city, but the region as a whole.
“Canal Turn marks the first stage of a development that will create a unique, year-round destination for the city, as well as a thriving and vibrant new community for Nottingham.”
Having been granted outline planning consent for the former Boots Island site in April 2019, the team behind the development worked closely with the city’s planning and regeneration team on the Section 106 agreement, which was signed off earlier this year.
Richard Watson, director of Conygar Nottingham, said: “Throughout this process, we’ve been committed to creating a development that reflects Nottingham and enhances its credentials as a first-rate city.
“We’ve worked closely with the city and the design team to put together these plans for a development, which will be of huge benefit to the local economy and will create thousands of jobs during the build phase and beyond.”
The overall plans for the site, which has been derelict for many years, will bring new homes, grade A office space, creative spaces, a lifestyle hotel, PRS apartments and co-working space, a ‘linear’ park and vibrant community and event space as well as student accommodation to the city.