The Chatham Waters project, at Chatham Docks in Gillingham, has been approved by Secretary of State for Communities and Local Government Eric Pickles.
Medway Council’s planning committee agreed outline plans for the development earlier this year, before it was referred to the Secretary of State for final approval.
The 26-acre site will be transformed from 2013 and will include a conference centre and hotel, as well as homes, offices and a civic square. Initial plans are for the events and conference centre to create a focal point on the quayside.
Peel has developed major projects including Media City at Salford Quays, and the Trafford Centre and Event City in Manchester, which could provide a model for its new conference and event space.
Peel development director James Whittaker said: "We’re delighted the Secretary of State has approved outline plans for Chatham Waters. The plan will regenerate and breathe new life into a significant area of the dockland and give the region a real economic boost. We will now continue preparing detailed plans for the first phase and we hope to start building on the site next year."
Medway Council will now work with the developers to finalise legal agreements.