The Lowestoft Brooke Peninsular scheme includes plans for 850 homes, commercial space, a marina building, primary school, open space and associated infrastructure.
According to the architects behind the scheme, Assael Architecture, some of the new homes would sit on stilts, three meters above ground level "making them entirely flood proof".
According to a report put before the council’s development control committee last week, a number of concerns were raised about the outline proposals.
Residents expressed fears that the scheme would result in the removal of industrial land and around 100 jobs, impact on the County Wildlife Site and protected species, and result in an unacceptable amount of traffic on Victoria Road, Waveney Drive and Kirkley Run.
However, the report concluded that the proposal would regenerate a "large area of underused and vacant brownfield land in the heart of Lowestoft and will act as a catalyst for further regeneration in the area".
It added: "It will set the standard for subsequent detailed applications to ensure that the area is transformed into a vibrant, inclusive community that is integrated with adjacent areas and provides access to employment, services and facilities in a high quality environment."
It said evidence provided within the submitted Transport Assessment showed that while the "proposed development would increase traffic particularly at peak times on key junctions within the surrounding highway network, all apart from one would continue to operate within capacity".