A "masterplan" to build four new "urban villages" at London's Earls Court has been given the go-ahead.
Developers at Capital & Counties Properties PLC (Capco) plan to demolish the existing Exhibition Centre and build thousands of new properties at the 77-acre site.
The plans have now been approved by Kensington and Chelsea council's planning committee.
The "new London district" will also span land owned by Hammersmith and Fulham council, which gave its approval in September.
Based on a design by architect Sir Terry Farrell, the scheme will provide a boost to the UK property market with the creation of 7,500 new homes and a "21st century high street".
Developers say 12,000 permanent jobs will also be created.
Capco chief executive Ian Hawksworth said he was "delighted" that the scheme had been given the green light.
He added: "The project has real momentum and we look forward to working with the local authorities to deliver Sir Terry's vision for a new urban quarter in this exciting part of London."
Copyright Press Association 2012
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