Work is expected to start on Derby Triangle by the end of the year.
The project, which is being led by St Modwen, aims to redevelop land near Pride Park, and could create up to 3,300 jobs and generate £180m a year.
The scheme includes approximately 780,000 sq ft of offices, warehouses and industrial space as well as a pub, restaurant and car showroom.
Peter Rudd, development director at St Modwen, said: "This is a major milestone for the progression of our joint venture with Network Rail and comes following detailed discussions with the city council since 2014.”
"We have already received significant interest from potential occupiers and expect this to increase now that progress with planning has been made.”
Planning approval was given following agreements regarding improved access to the site which form part of the A52 improvement works which will improve traffic flow in the area.
The site is being marketed by Savills and Bondholder Innes England.