The Flinders Square development has been officially approved by the Joint Regional Planning Panel.
The $40 million, three-tower, 160-apartment complex proposed by developer Michael Corban for Flinders Street was formally given the green light by the panel on Thursday.
The nine-storey development, which will also include commercial and retail space, had been recommended for approval by Wollongong City Council staff.
"The mix of residential and retail will assist to revitalise this area, which is recognised as an important enterprise corridor," said acting chair of the southern regional panel, Alison McCabe.
"The proposal will provide additional residential and commercial floor area within Wollongong which will support economic growth and the creation of additional employment opportunities and housing choice."
The Flinders Square plans had been referred to the JRPP because its capital investment value had exceeded $20 million.
While the plans for the site were on exhibition, only one objection was lodged with council, which raised concerns over effects on nearby property.