Proposals drawn up by Crest Nicholson Regeneration comprise over 380 homes of various styles and sizes, a local convenience store, a café, a restaurant and a nursery.
The planning application for a separate ten-acre site to the east of the canal, including proposals for a pub, 117-berth marina and the start of the proposed Bedford & Milton Keynes Waterway Park, are due to be considered by Milton Keynes Council’s development control committee next month.
The site is currently owned by Milton Keynes Development Partnership.
Chief executive Charles Macdonald said: “We have worked closely with Crest Nicholson Regeneration over a long period to develop proposals that enhance the local area and bring new facilities which will add value to the whole city.”
Work is expected to start on site in the spring. The initial construction phase will focus on building the central commercial, leisure and residential hub with the first residents scheduled to move in during the Autumn 2019.
Peter Cusdin Crest Nicholson Regeneration’s development director Peter Cusdin said: “The grant of planning consent for the Canalside development is an important step forward.
"This will be an exemplary new development providing apartments, houses and a range of amenities around a new public space overlooking the Grand Union Canal.”